Italy grapples with potential economic fallout from US tariffs
Prime Minister Giorgia Meloni and President Sergio Mattarella respond to President Trump's 20% tariffs on the EU, emphasizing the need for a united European approach.
Following the announcement by US President Donald Trump imposing a 20% tariff on European Union products, Italian Prime Minister Giorgia Meloni labeled the decision as a "wrong measure" that does not benefit any involved parties.
In a statement on social media, Meloni expressed concern that these tariffs could inflict severe damage on the Italian economy, particularly affecting the food sector, which has seen a 17% increase in exports to the US in 2024.
The prime minister emphasized the importance of reaching an agreement with the United States to avoid a trade war that could diminish Western influence in favor of other global players.
She confirmed that Italy would act in its own national interest and collaborate with other European partners to respond collectively to this challenge.
Sergio Mattarella, the Italian President, echoed Meloni's sentiments, stating that the tariff imposition was a "serious error" that warranted a unified and resolute response from Europe.
He expressed confidence that the European Union would react firmly and assured that Italy would support these efforts, highlighting the EU’s exclusive role in trade policy.
Minister of Agriculture Francesco Lollobrigida remarked that traditional diplomacy and good relations could play a crucial role in mitigating the impacts of these tariffs.
He noted that Italy, being a prominent exporter, would likely suffer gravely if retaliatory tariffs were enacted.
However, he stressed that any negotiations should be handled at the EU level, adhering to specified protocols regarding trade agreements.
As the Italian government convenes a task force of ministers to assess the situation, possible aid for sectors most impacted by the tariffs is under consideration.
Lollobrigida indicated that, should certain sectors face difficulties, the government would explore support measures to counterbalance the market disruptions.
However, European aid remains uncertain, as some officials argue that EU funds should not cover the economic repercussions of decisions made by the US administration.
Former Prime Minister Giuseppe Conte criticized Meloni's preparation for this economic event, suggesting that Italy should take a strong stance as part of the EU and advocate for its interests amidst the US policies.
Other regional leaders, like the President of the Piedmont Region, echoed concerns about the implications of Trump's tariffs, underlining the need for a diplomatic approach.
In Brussels, Meloni canceled previous engagements to focus on the unfolding tariff crisis.
Discussions among key ministers have commenced to devise strategies for Italy to effectively navigate the implications of these US tariffs on its economy.
The situation continues to evolve as Italian officials strive to maintain open dialogues with EU counterparts and the US, aiming to safeguard the interests of their key industries.
In a statement on social media, Meloni expressed concern that these tariffs could inflict severe damage on the Italian economy, particularly affecting the food sector, which has seen a 17% increase in exports to the US in 2024.
The prime minister emphasized the importance of reaching an agreement with the United States to avoid a trade war that could diminish Western influence in favor of other global players.
She confirmed that Italy would act in its own national interest and collaborate with other European partners to respond collectively to this challenge.
Sergio Mattarella, the Italian President, echoed Meloni's sentiments, stating that the tariff imposition was a "serious error" that warranted a unified and resolute response from Europe.
He expressed confidence that the European Union would react firmly and assured that Italy would support these efforts, highlighting the EU’s exclusive role in trade policy.
Minister of Agriculture Francesco Lollobrigida remarked that traditional diplomacy and good relations could play a crucial role in mitigating the impacts of these tariffs.
He noted that Italy, being a prominent exporter, would likely suffer gravely if retaliatory tariffs were enacted.
However, he stressed that any negotiations should be handled at the EU level, adhering to specified protocols regarding trade agreements.
As the Italian government convenes a task force of ministers to assess the situation, possible aid for sectors most impacted by the tariffs is under consideration.
Lollobrigida indicated that, should certain sectors face difficulties, the government would explore support measures to counterbalance the market disruptions.
However, European aid remains uncertain, as some officials argue that EU funds should not cover the economic repercussions of decisions made by the US administration.
Former Prime Minister Giuseppe Conte criticized Meloni's preparation for this economic event, suggesting that Italy should take a strong stance as part of the EU and advocate for its interests amidst the US policies.
Other regional leaders, like the President of the Piedmont Region, echoed concerns about the implications of Trump's tariffs, underlining the need for a diplomatic approach.
In Brussels, Meloni canceled previous engagements to focus on the unfolding tariff crisis.
Discussions among key ministers have commenced to devise strategies for Italy to effectively navigate the implications of these US tariffs on its economy.
The situation continues to evolve as Italian officials strive to maintain open dialogues with EU counterparts and the US, aiming to safeguard the interests of their key industries.
Translation:
Translated by AI
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