Trump tariff policy an attack on EU industry and jobs, Italy's business lobby says
Published by Global Banking and Finance Review
Posted on February 27, 2025
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 February 27, 2025
ROME (Reuters) - U.S. President Donald Trump's threat to introduce tariffs on European Union imports would undermine the bloc's companies and its workforce and require a strong response from the EU, Italy's business lobby said late on Wednesday.
Trump has said his administration will soon announce a 25% "reciprocal" tariff on goods from the EU, including cars.
"The threat is not only of an impact on trade dynamics. The truth is far more dramatic ... What is coming from the American leadership is an attack on European companies and jobs," Confindustria president Emanuele Orsini said in a statement.
He said Trump's trade policies aimed to "deindustrialise the (European) continent" and urged Brussels to consider "extraordinary measures for an extraordinary time".
"It is a dark hour," Orsini said.
Bank of Italy Governor Fabio Panetta said this month that a full implementation of the tariffs threatened before the U.S. election, plus retaliatory measures, would cut EU growth by half a percentage point, with Germany and Italy hardest hit.
The European Commission said on Wednesday that the EU would react "firmly and immediately against unjustified barriers to free and fair trade, including when tariffs are used to challenge legal and non-discriminatory policies".
(Reporting by Giselda Vagnoni, editing by Giulia Segreti and Kevin Liffey)