Italy Races to Counter US Tariffs Impacting Economy
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Synopsis
Italian Prime Minister Giorgia Meloni has gathered her ministers for an urgent meeting to address the economic challenges posed by new US tariffs. The tariffs threaten to further slow Italy's economy, prompting discussions on potential responses and solutions.
Key Takeaways
- Emergency Meeting called by PM Meloni.
- US tariffs impact Italian economy significantly.
- 20% tariffs on most EU exports; 25% on specific sectors.
- Calls for a unified response from Italian leadership.
- Meloni stresses importance of ongoing negotiations with the US.
Rome, April 4 (NationPress) Italian Prime Minister Giorgia Meloni called an emergency meeting of her ministers as the nation’s already sluggish economy prepares for the repercussions of the United States' extensive new tariffs.
"We are performing and must keep conducting an analysis on the genuine effects of this American tariff decision, sector by sector. Next week, we will convene with representatives from the production sectors to align their assessments and identify the most effective solutions," Meloni stated in an interview with Tg1.
On Wednesday evening, US President Donald Trump introduced a near-comprehensive tariff framework on imports into the US, unsettling global markets and leading to a significant decline in international stock exchanges. The majority of European Union exports to the US will now incur a 20% tariff, with particular sectors—including vehicles, automotive parts, steel, and aluminum—facing even higher 25% duties, as reported by Xinhua news agency.
"It took less than an hour in the White House's Rose Garden ... to extinguish a century of international free trade," remarked the Italian Institute for the Study of International Politics (ISPI), a notable think tank.
Meloni dedicated the day to discussions with crucial ministers, including Minister of Economy and Finance Giancarlo Giorgetti, Minister for Business and Made in Italy Adolfo Urso, and Minister of Agriculture Francesco Lollobrigida. Foreign Minister Antonio Tajani participated via video link.
Although she initially urged caution, Meloni has adopted a more proactive approach. "The implementation of tariffs by the United States against the European Union is a decision I regard as erroneous and unlikely to benefit any involved parties," she asserted, while still endorsing ongoing talks with US officials.
Italian President Sergio Mattarella echoed her sentiments, labeling the US action as "a serious mistake" and calling for "a unified, calm, and resolute reaction."
