Posted By Global Banking and Finance Review
Posted on May 22, 2025
ROME (Reuters) -Italy is confident the United States will agree to a trade deal with the European Union similar to the one Washington has already struck with Britain, Economy Minister Giancarlo Giorgetti said on Thursday.
The White House has imposed a 25% tariff on imports of steel, aluminium and cars, as well as a baseline 10% tariff on almost all countries, with additional "reciprocal" tariffs -- making for a combined 20% in the EU's case -- lined up if negotiations during a 90-day pause fail.
Earlier this month, U.S. President Donald Trump and British Prime Minister Keir Starmer announced a limited bilateral trade agreement that leaves in place Trump's 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports.
"It will be very difficult for the final agreement (between the EU and US) to be very different from the one made with the UK," Giorgetti told a conference in Trento, northern Italy.
He spoke via video link from Canada, where ministers from the Group of Seven advanced economies (G7) are meeting.
"The U.S. administration is reaching agreements, or is about to reach them with the United Kingdom and China. I am not saying that the European Union will be last, but I believe that reasonable results will be achieved in this case too," he added.
(Reporting by Giuseppe Fonte; Editing by Crispian Balmer)