Published by Global Banking and Finance Review
Posted on March 19, 2025
ROME (Reuters) - Italy will ask the European Union to prepare compensatory measures for sectors that could be impacted by U.S tariffs, Industry Minister Adolfo Urso said on Wednesday, adding that he wanted to avoid a trade war.
The U.S.- European tariff conflict is jeopardising transatlantic business.
In the past week, Washington has imposed tariffs on steel and aluminium, the EU has set out plans for retaliation and U.S. President Donald Trump has threatened 200% tariffs on EU wine and spirits.
"We will ask the European Union to provide compensatory measures for the sectors that are affected," said Urso, a senior member of Prime Minister Giorgia Meloni's Brothers of Italy party.
During a question time session at the lower house of parliament, Urso said a trade war with potential global consequences should be avoided, stressing the U.S. represents Italy's main trade partner outside the EU.
He also called on Brussels to respond to tariffs in a proportionate manner, avoiding escalation.
"We must be cautious and responsible, act before reacting, and leverage our excellent relations with the U.S. administration to avoid an escalation of threats and then retaliation," he said.
On Tuesday, Prime Minister Meloni - who is close to Trump - cautioned European partners against escalating a trade dispute with the United States through retaliatory tariffs.
(Reporting by Angelo Amante, editing by Keith Weir)
Explore more articles in the Headlines category
