Will 6,000 Italian Companies Face US Tariffs?
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Synopsis
A recent report reveals that over 6,000 Italian companies may face severe consequences from the newly imposed US tariffs. With potential economic fallout and job losses predicted, the ramifications could be extensive. This developing story highlights the ongoing tension in international trade and its impact on local economies.
Key Takeaways
- Over 6,000 Italian companies face risks from US tariffs.
- The 30% tariff will impact micro and small enterprises.
- Exports to the US exceed 11 billion euros from affected firms.
- Potential job losses could reach 150,000.
- The EU is ready for retaliatory measures.
Rome, July 17 (NationPress) Over 6,000 Italian companies are at significant risk due to the impending increase in US tariffs, as detailed in a report from the Italian Trade Agency (ITA).
On Saturday, US President Donald Trump declared a 30 percent tariff on imports from the European Union (EU) and Mexico, effective August 1.
The ITA's report, published on Wednesday, highlights that these impacted businesses predominantly comprise micro and small enterprises in high-value sectors, including the beverage sector, metal products, pharmaceuticals, furniture, retail, and transportation products excluding motor vehicles.
It is estimated that these companies export goods worth over 11 billion euros (approximately 12.76 billion US dollars) to the United States, as reported by the Xinhua news agency.
The Association for the Development of Industry in the Mezzogiorno (SVIMEZ) cautioned this week about the potential ramifications of the tariffs, predicting a 0.5 percent decrease in Italy's GDP by 2026, alongside a potential loss of up to 150,000 jobs.
Italian Foreign Minister Antonio Tajani stated on Monday that the EU is ready to impose retaliatory tariffs worth billions of euros on US products if ongoing trade discussions do not yield results.
Moreover, on Wednesday, Trump introduced a concept to impose a unified tariff rate on over 150 nations and regions, as reported by Politico.
"It’s going to be uniform for everyone in that category," Trump addressed reporters during discussions with Bahrain's Crown Prince Salman bin Hamad Al Khalifa at the White House.
Trump described the companies affected by the new policy as "not large" and those that "do not conduct significant business."
Earlier in April, the Trump administration enacted a baseline tariff of 10 percent on economies lacking bilateral agreements. Although Trump hinted that this baseline might increase to 15 or 20 percent, no new rates were specified on Wednesday.
Point of View
It is crucial to recognize the significant impact that these tariffs could have on the Italian economy. The situation demands attention, as both businesses and workers could face steep challenges. Our commitment is to deliver accurate and timely information, ensuring that the voices of those affected are heard.
NationPress
17/07/2025
Frequently Asked Questions
What is the main concern regarding the US tariffs?
The primary concern is that over 6,000 Italian companies will face increased costs, potentially leading to a significant economic impact and job losses in various sectors.
When will the new tariffs take effect?
The new 30% tariffs on imports from the EU and Mexico are set to commence on August 1.
How much is Italy's GDP expected to decline due to these tariffs?
The Association for the Development of Industry in the Mezzogiorno estimates a potential reduction of 0.5% in Italy's GDP by 2026.
What sectors are most affected by the tariffs?
The most impacted sectors include beverages, metal products, pharmaceuticals, furniture, and retail trade.
Is the EU planning any retaliatory measures?
Yes, Italian Foreign Minister Antonio Tajani indicated that the EU is prepared to impose retaliatory tariffs on US goods if negotiations fail.
