US tariffs threaten Italian GDP and key sectors like pharma, agriculture, and fashion exports.
🔗 Read the article on ilsole24ore.com
[This is an automatically generated summary, for reference only]
The Italian Parliamentary Budget Office predicts that US tariffs could negatively impact Italy’s GDP by two-tenths of a point in 2026 and one-tenth in 2027, with the pharmaceutical, extractive, and automotive industries being most affected, leading to job losses in metal fabrication, machinery, and textiles. Coldiretti warns that a 30% tariff could cause Italy to lose 2.3 billion euros in agro-food exports in 2024, jeopardizing its goal of making the US its largest market for these goods. Specific concerns were raised regarding DOP cheese, where increased tariffs would significantly raise consumer prices in the US. Confindustria accessories fashion also anticipates a very serious impact from potential 30% US tariffs, fearing reduced exports and weakened international competitiveness, prompting some companies to explore alternative markets like Asia and Europe. In Greece, despite lower overall trade dependence on the US, strategic sectors like agri-food face risks of becoming too expensive for the American market under such tariffs.
