MILAN (Reuters) -Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday.<\/p>\n
“Italy does not just export luxury products – with a demand that isn’t very sensitive to prices – but mainly machinery, means of transport, and leather goods,” Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.<\/p>\n
Italian Prime Minister Giorgia Meloni recently downplayed the potential impact of such a level of tariffs on Italian companies, stating it would not be particularly harmful.<\/p>\n
Orsini, however, warned that tariffs of 10% would be unsustainable for the Italian economy.<\/p>\n
He added that they would effectively translate into a 23.5% duty as the impact of the dollar depreciation against the euro since the election of U.S. President Donald Trump, amounting to 13.55%, needed to be taken into account too.<\/p>\n
Annual Confindustria assembly in Rome <\/p>\n
“A product that a year ago an Italian company was selling in the United States for 100 now costs our American customer 123. We fear very heavy setbacks,” he added.<\/p>\n
A deadline for countries to finalise trade agreements with Washington is set to expire on July 9.<\/p>\n
The European Commission, which coordinates EU trade policy, accepts the U.S. baseline tariff of 10% as unavoidable but wants immediate relief in key sectors as part of any agreement, according to diplomats.<\/p>\n
The euro has risen some 9% against the dollar since April as investors, spooked by Trump’s unpredictable economic policy, warmed to the European Union’s newfound military and industrial ambitions.<\/p>\n
($1 = 0.8493 euros)<\/p>\n
(Reporting by Cristina CarlevaroEditing by Keith Weir)<\/p>\n","protected":false},"excerpt":{"rendered":"MILAN (Reuters) -Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if…\n","protected":false},"author":2,"featured_media":231815,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,91020,1700,91022,91021,49254,2199,6202,479,16,15],"class_list":{"0":"post-231814","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-confindustria-president-emanuele-orsini","10":"tag-economy","11":"tag-european-products","12":"tag-italian-business-lobby","13":"tag-italian-prime-minister","14":"tag-italy","15":"tag-president-donald-trump","16":"tag-tariffs","17":"tag-uk","18":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114783293851989854","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/231814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=231814"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/231814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/231815"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=231814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=231814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=231814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}