Published by Global Banking and Finance Review
Posted on March 4, 2025
ROME (Reuters) - U.S. tariffs on European Union food products would cause "billion of dollars of damage" for Italy's prized agricultural exports including Parma ham and Prosecco wine, an Italian farmers' lobby said on Tuesday.
President Donald Trump has vowed to hit the EU and other countries with tariffs in response to their trade surpluses with the United States. New 25% tariffs on Mexican and Canadian imports and 20% duties on Chinese goods took effect on Tuesday.
"Billions of dollars of damage are foreseen for Italian food, hurting not only our country, but also the wallets of Americans who buy our excellence and recognise its quality and uniqueness," said Cristiano Fini, president of farmers' lobby CIA, which represents 650,000 members and 170,000 companies.
"Trump's farmers will never be able to produce Grana Padano (cheese), Parma ham, Pecorino Romano (cheese), Prosecco, Brunello and all the Made in Italy products," he added.
In 2024 Italy's food exports to the U.S. rose to a value of around 7.8 billion euros ($8.22 billion).
Italy reported an overall trade surplus with the United States last year of 39 billion euros. The U.S. is by far the top non-EU destination for Italian products and the second overall behind Germany.
Fini urged EU member states to take "diplomatic action and a major countermove to counter the disruptive effect of U.S. duties on all EU products."
Last week Italian business lobby Confindustria called Trump's tariff policy an attack on EU industry and its workforce, and called for a tough reaction.
Prime Minister Giorgia Meloni, a fellow conservative who has established a good personal relationship with Trump, said his tariff threats run against Italy's national interest, but she has also cautioned against starting an EU-U.S. trade war.
($1 = 0.9489 euros)
(Reporting by Giselda Vagnoni; Editing by Gareth Jones)
