Headlines
Italy could lose 20 billion euros in exports, 118,000 jobs with US tariffs, industry head says
Published by Global Banking and Finance Review
Posted on July 2, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on July 2, 2025
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.
"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.
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.
Orsini, however, warned that tariffs of 10% would be unsustainable for the Italian economy.
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.
"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.
A deadline for countries to finalise trade agreements with Washington is set to expire on July 9.
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.
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.
($1 = 0.8493 euros)
(Reporting by Cristina Carlevaro, editing)