US tariffs at 15% on cars, drugs and chips. White House: EU will not tax digital networks and invest 600 billion

The Minister of Foreign Affairs and International Cooperation, Antonio Tajani, today held a meeting at the Farnesina on tariffs following the agreement reached between the European Union and the United States. The meeting was attended by the Italian System agencies - Ice, Sace, Simest, and Cdp, the Italian Permanent Representation in Brussels, the Italian Embassy in Washington, and representatives of various production associations including Confindustria, Coldiretti, Confapi, Confagricoltura, Cna, Confimi Italia, Federacciai, Farmindustria, Confesercenti, Confartigianato, Confcooperative, Confcommercio, Federlegno, and Federvini.

Minister Tajani first of all announced the establishment of a permanent task force on tariffs at the Farnesina to provide support to businesses, and explained how negotiations with US counterparts will go ahead over the next few days to better define the details in certain sectors, including some of specific interest to Italy, such as the wine-growing sector. During the meeting, the contents of the agreement in principle reached between the European Commission and the United States were then illustrated, which envisages a horizontal tariffs on European goods of 15%, including the average tariffs in force under the WTO, equal to 4.8%. The understanding will take shape through a joint declaration with the US (framework understanding), which is expected to be finalised at the technical level in the coming days. The joint declaration is not legally binding. The commitments contained therein would be declined at a later stage in a (legally binding) reciprocal trade agreement.

"The United States and the European Union intend to tackle unjustified barriers to digital trade. In this regard, the European Union confirms that it will not adopt or maintain tariffs on network use. In addition, the United States and the European Union will maintain zero tariffs on electronic transmissions'. This is what is stated in the fact sheet released by the White House on the trade agreement reached by the US and the European Union.

"The EU will invest $600 billion in the US during President Trump's term. This investment is on top of the more than $100 billion a year that EU companies already invest in the US. The EU will double its dependence on the US as an energy superpower by purchasing $750 billion of energy exports by 2028. This will strengthen US energy dominance, reduce European dependence on rival sources, and reduce the trade deficit with the EU'. This is one of the passages of the fact sheet released by the White House on the trade agreement reached yesterday between the US and the EU.

"When you have to come to an agreement, you try mediation and then clearly the judgement is always that you could say 'you could do more'. But perhaps it was difficult to do more'. This is how the Minister for the Environment and Energy Security, Gilberto Pichetto Fratin, commented on the political agreement on commercial tariffs reached yesterday by the EU and the US, during an interview 'Green Europe and the challenge of the future', organised as part of the 'PiazzAsiago' event.

The euro weighed down on currency markets in the wake of fears over the impact that the tariffs agreement will have on the Old Continent's economy. The single currency dropped 1% to $1.1623, on the session's lows, while optimism about the end of the uncertainty linked to the agreement reached between the EU and the United States seemed to be short-lived.

The announcement of the imposition of new 15% tariffs on European cured meats by the Trump administration risks putting one of the most strategic markets for the Italian sector in crisis: the United States, which in 2024 was confirmed as the third destination for exports of Italian cured meats, with over 20,000 tonnes exported (+19.9%) and a turnover of 265 million euros (+20.4% compared to 2023). This is the alarm raised by Assica, the Association of Meat and Cured Meat Industries, the national trade organisation that, as part of Confindustria, represents companies involved in the production of cured meats (both pork and beef), pig slaughtering and the processing of other meat products. "The tariff increase represents a significant brake for our companies, which already operate in an extremely unstable global environment. Both Italian producers and US consumers, who will face inevitable price increases, will be affected," commented Lorenzo Beretta, president of Assica. "Unlike in 2019, when the measures only affected specific types of products, today the customs tax applies to the entire category of cured meats, with a particularly heavy impact on raw hams, which are the main export item to the US," he continued. This scenario is part of an already critical context for the Italian meat and cured meat industry, which has been severely penalised on the export front by the spread of African Swine Fever (ASF). The resulting health restrictions have led to the closure of important markets such as Japan and China, further reducing international outlet opportunities.

'We ask the Prime Minister to urgently convene all the social partners to assess the overall picture of the fallout in each sector and the measures needed to protect workers and safeguard our production fabric'. Thus the confederal secretary of the CGIL, Christian Ferrari.

"If the anticipations were confirmed, the European Union would not have averted the trade war with the US, it would first have suffered it without reacting, and then lost it with an unconditional surrender by the Commission and the national governments, starting with the Italian one. Pending the formal agreement, and the full picture of the repercussions on the various production sectors, this appears to be the substance of what happened. To realise this, it is enough to list the points of what, rather than a political agreement, resembles an authentic capitulation'. Thus the confederal secretary of the CGIL, Christian Ferrari. 'While European goods will suffer generalised tariffs of 15% (in addition to the devaluation of the dollar, which weighs a further 13%), American goods will not pay any duty. Then there is the EU's commitment to purchase, over three years, $750 billion worth of American fossil energy goods (gas and oil), exacerbating one of the main factors (the cost of bills) that is undermining the competitiveness of European companies and household budgets. To this,' he adds, 'we have to add further European investments in the US amounting to USD 600 billion, which would be tantamount to relocating our production, creating jobs and income in the US instead of Europe. And again: the purchase of American weapons systems, in accordance with the insane objective - set by NATO - of raising military spending to 5% of GDP'. Moreover, Ferrari continues, 'to thank President Trump for his treatment of us, we should guarantee: the absence of countermeasures on digital and financial services, which ensure the United States a significant trade surplus; the exemption from the global minimum tax, decided in the G7 context, for all American multinationals; the non-application of the digital service tax on US big tech, which will be able to continue to enjoy the tax havens in Ireland, Holland, and Luxembourg; the de facto renunciation of implementing trade relations with China and the Brics, which could represent fundamental outlet markets for our goods'.

Canadian Prime Minister Mark Carney said that talks with the White House on a tariffs agreement are at a 'crucial stage' and he believes there may be 'scope for an agreement'. Trump has set a deadline of 1 August for the US and other countries to reach agreements to resolve the current dispute over tariffs. "Negotiations are at an intense stage," said Carney, who went on to reiterate that Canada will not sign an agreement unless it is beneficial to the country's workers. Canadians want a solution, 'but they want the right solution'.

As part of the trade deal struck yesterday between the US and the EU in Scotland, the Union pledged to zero tariffs on imports of a number of American agricultural, fishing and industrial products, including cars, which are currently 'docked' with very low tariffs, in the range of '2-4%', so-called 'nuisance tariffs', too low to protect the corresponding European sector. This was explained by a senior EU official in Brussels in the aftermath of the announcement of the agreement that provides for unilateral and generalised US tariffs of 15% on imports from the EU. The list of products identified by the Commission "includes agricultural products, non-sensitive agricultural products and fishery products, as well as industrial products", for a trade volume of about 70 billion imports. The EU is prepared to 'reduce tariffs to zero' as a result of yesterday's discussions. The list should be published in the context of the finalisation of the joint declaration, which should take place by next Friday, 1 August. It concerns, for example, nuts imported from the US into the EU and the extension of the lobster deal, the Lobster Deal, reached in 2020, a mini-trade agreement that provides for zero tariffs on lobsters imported from the US into the EU, in exchange for the reduction of US tariffs on some European products. The list will also include 'certain processed fish', and certain types of 'raw fish'. It also covers 'cheese, some dairy products, pet food'. Even for 'cars' imported into the EU, for which the Union had agreed to go down to the most-favoured-nation tariff of 2.5 per cent, 'we are prepared to go to zero', as well as for some machinery, some chemicals, and fertilisers, the source concluded.

A new round of talks between the US and China started in Stockholm after the escalation of the tariffs and counter-duties war. Cgtn reports. The talks feature US Treasury Secretary Scott Bessent and He Lifeng, vice-premier and China's economic czar and Xi Jinping's loyalist. Bessent announced the parties' intention to work on a 'likely' extension of the trade truce, which expires on 12 August.

The agreement with the US on tariffs is better than a trade war. It provides stability and predictability to trade and economic relations at a time of acute geopolitical difficulty with the war in Ukraine still far from over and Chinese competition that is no longer just economic-technological. And then the agreement reached on Irish soil between Trump and von der Leyen does not call into question the Union's autonomy in defining the rules of the internal market, starting with taxation and ending with regulations on digital groups. These are the arguments with which the European Commission defended the agreement on tariffs: basically a sense of resignation prevails, certainly not of victory. Trade Commissioner Maros Sefcovic said bluntly at a press conference in Brussels this morning: 'Some people still believe we can go back to the situation before 2 April, I think if you look at the agreements between the US and its trading partners in recent weeks or at the number of letters setting out new tariffs between now and 1 August, it is quite obvious that the world that was there before 2 April has vanished, we simply have to adapt, we have to face the challenges that come with this new approach. The understanding reached is 100 per cent better than a trade war'. This is a position in which most governments, primarily those of Germany and Italy, find themselves. Disappointment in Paris, with Prime Minister Bayrou speaking of a 'dark day', of 'submission' to the US, and in Budapest: for Prime Minister Orban, Trump has 'eaten Ursula von der Leyen for breakfast'.

"The news of the agreement on tariffs between the European Union and the United States helps to reduce a climate of uncertainty that penalises companies and investments. This long negotiation has highlighted the fragility of Europe, squeezed between the US and China. In order to get out of this situation, we now need to act on our weaknesses, starting with internal trade barriers that continue to hinder the full development of the single market and, with it, our ability to keep up with the major global economies'. So says Carlo De Ruvo, president of Confetra, commenting on the trade agreement reached between Brussels and Washington. 'According to the International Monetary Fund,' De Ruvo continues, 'the current internal barriers are equivalent to an ad valorem cost of 44% for manufacturing goods and even 110% for services. These are hidden costs that are reflected in less competition, higher prices, low productivity and lower incomes. Overall productivity in the EU is today 20% lower than in the US, and even in the strongest European economies per capita income is about 30% lower than the US average'. For Confetra, a decisive change of pace is needed. "The IMF reminds us that a 10% reduction in internal barriers to trade and multinational production could generate a 7% growth in European GDP. This means opening up sectors that are still protected, liberalising services, harmonising regulations and modernising border infrastructures'. 'Europe has what it takes to strengthen its role in the global scenario,' De Ruvo concludes, 'but we need bold choices and structural reforms. The single market must return to the centre of European strategy: it is there that the real challenge of competitiveness and industrial autonomy of our continent is played out'.

"The solution found, from our point of view, is acceptable overall. Could it have been better? I would say so, but a much worse scenario could also have been in front of us. So, let's bring this result home while we wait to hear the details'. This was stated by Riccardo Rosa, President of the Association of Italian Manufacturers of Machine Tools, Robots and Automation (Ucimu), commenting on the EU-US agreement on tariffs.

"The focus is also high because the US is our first destination market, with 600 million machines sold in 2024, or 16 per cent of the total exported by our industry," he continued. "The hope is that metalworking machine tools - of which the US is in dire need as it has no local production to meet the particularly demanding domestic demand in terms of technology - will be included in the list of goods exempt from taxation."

Now the word goes back to Europe and the Member States. To their 'ambassadors', first of all, who were constantly informed during the trip to Greenland organised for them in this weekend by Denmark, the EU's rotating president: they will now have to coordinate very shortly for the first technical assessments. Then will come the time for politics.

The first reactions are not lacking, but they mainly refer to the averted danger on the 30% tariffs: "An unnecessary escalation was avoided," said German Chancellor Friedrich Merz: "The agreement managed to avert a trade conflict that would have hit the export-oriented German economy hard. This is especially true for the automotive industry, where the current tariffs will be almost halved from 27.5 per cent to 15 per cent'. Merz pledged Germany's support for the Commission and wanted to look to the future, to the new situation: he will now demand, he said, tariffs to be reduced and trade barriers to be lowered on other treaties as well, starting with the Mercosur treaty.

"To date it is a mere 15% tariffs, but between energy and weapons we arrive at over 30%, with purchases imposed and not dictated by free trade: it is an absurdity". Thus the president of Federpetroli Michele Marsiglia, asked by LaPresse. "Let's stop the optimism and focus on what the final US-EU agreement will be. Buying 750 billion of energy is not little and we still don't know what kind of energy and above all at what price. Italy and Europe have diversified their energy purchases between Africa and the Middle East. We await the final document of the agreement to study the details, which to date are somewhat unclear. Several European states are not ready for acquisitions of this kind, and if there is talk of LNG, someone in Brussels or Scotland has forgotten that the Commission itself has waged war on our energy companies in the construction of regasifiers,' Marseille concludes.

Further reading

Tariffs, Tajani sees companies: '15% high but sustainable, negotiations still ongoing on details'

28 July 2025

The preliminary agreement between the United States and the EU creates a new geopolitical and economic context that could complicate the ratification of the agreement between the EU and Mercosur, according to some analysts interviewed by the Brazilian daily Valor Economico. Seen from Latin America, the Brussels agreement with Washington looks more like a 'surrender' on the part of Europe, which accepts the application of 15% tariffs on its products to the United States, while not taxing most American goods arriving on its market. According to Olivier Blanchard, former chief economist of the International Monetary Fund, "this is an unequal understanding. Moreover, it creates an environment of increased economic and political pressure for the EU: 15% tariffs, Brussels' billion-dollar commitments for US investments, and energy purchases drain the European bloc's resources. On the other hand, the absence of tariffs on US exports to the 27 also poses a competitiveness problem for Mercosur products, which are instead subject to tariffs. And the promise to buy $750 billion worth of American energy, especially liquefied natural gas, could also reduce potential European demand for South American countries. Finally, French and Polish farmers, given the arrival of zero-tariffs US products on the European market, could also offer more resistance to Mercosur products.

"The tariffs imposed by the United States represent a negative event for our sector and will have important repercussions on consumption and therefore on the economies of our companies operating in one of the strategic sectors of Tuscany, but also of the country". This is what Andrea Rossi, president of A.VI.TO. the Tuscan Wines PDO and PGI Association, thus representing 24 Tuscan wine protection consortia, and the Consorzio del Vino Nobile di Montepulciano, says.

In particular, the Tuscan wine association reiterates the importance of structural intervention on the part of the government and institutions to make extraordinary resources available to cope with this new and important change. "We are also asking for greater flexibility in the promotion tools, starting with the CMO; therefore, thinking together with the production world of new strategies and investments in new markets, seeking integration with respect to the United States," continues Rossi, who recalls how this new variable follows others that have taken place in recent years.

"The agreement between the European Union and the United States on tariffs is, all things considered, the best possible outcome, given the difficult and increasingly unpredictable interlocutor. A trade conflict that would have hit our economies hard and weakened the entire Western front has been avoided'. Thus in a note Salvatore De Meo, Forza Italia MEP and President of the EU-NATO delegation. "The agreement is still in principle and has several aspects to be clarified, starting with exemptions, application criteria and the impact on some sensitive sectors. We must therefore continue to work with determination to obtain a more comprehensive and sustainable agreement and, at the same time, work to ensure, at national and European level, effective support measures for the sectors that risk being penalised the most,' the MEP explains. 'Finally, we need serious reasoning on what Europe can do to strengthen itself. It is essential to speed up the simplification of rules, the cutting of red tape, the diversification of trade agreements and the reduction of our strategic dependencies. It is on this ground that, as Forza Italia in the European Parliament, we will continue to fight with determination to correct the ideological course taken during the last mandate and bring back to the centre pragmatic policies that reflect the real needs of citizens and businesses,' De Meo concludes.

The EU has agreed to reduce import tariffs on cars from the US from the current 10 per cent to 2.5 per cent as part of the trade agreement with Washington. This was reported by EU sources, outlining some of the main points of the agreement reached yesterday, which envisages a lowering of US tariffs on continental autos from the current 27.5 per cent to the general rate of 15 per cent. The commitment 'to work together on car standards' is confirmed, similar to what the US has agreed with Japan. Some areas, such as connected vehicles, already show convergence between the EU and the US, while for others, such as nitrogen oxide (NOx) emissions, the differences are still significant. "There is still no mutual recognition of standards, but the goal is to gradually come closer to facilitate market access," the same sources point out.

"At first glance, the trade agreement between the United States and the European Union offers little for Europe to celebrate. European exports to the United States will now be subject to a 15% customs tax - ten times higher than the pre-trade war level of 1.5%. However, what appears to be a capitulation of the EU deserves a more in-depth analysis on three fundamental dimensions'. Thus Apolline Menut, economist at Carmignac, in an analysis of the tariffs agreement signed yesterday between the United States and the European Union. For Menut, 'this is not a trade breakthrough, but a damage limitation operation, in the name of diplomatic pragmatism. The EU has accepted disadvantageous conditions to preserve geopolitical alignment. The economic cost may be felt, but the strategic calculation is cruelly rational'.

"The agreement averts the worst case scenario: the 30% tariffs threatened by Trump, a chaotic escalation of retaliation and an all-out trade war. Europe, unlike China, does not possess strategic economic and technological leverage in the crucial nodes of global industrial supply chains. It is true that US manufacturers are more dependent on European suppliers of intermediate goods than the other way around, but in the event of an eye-for-an-eye escalation, Trump could have extended the confrontation to include restrictions on the supply of energy raw materials and digital services to the European economy - areas in which the EU is completely dependent on the US,' Menut adds.

The EU has agreed to zero tariffs on a number of non-sensitive agri-food products from overseas, worth around EUR 70 billion of imports. This was stated by EU sources, explaining that on certain categories the current tariffs of between 2-4% will be eliminated. Products included include nuts, soya, lobsters, fish, cheese, some dairy products, pet food, fertilisers and some chemicals, the latter also as an alternative to Russian supplies. "There is no concession on sensitive agricultural goods": "no beef, sugar, ethanol or poultry are included".

"Let us pause for a moment and consider the alternative" to the tariffs agreement reached with Washington: "a trade war may seem attractive to some, but it has serious consequences. With tariffs at 30% or more, our transatlantic trade would grind to a halt, putting almost 5 million jobs, including in SMEs in Europe, at serious risk". EU Trade Commissioner Maros Sefcovic said this during a press point. "Our companies have sent us a unanimous message: avoid escalation and work towards a solution that delivers immediate results," he added

"During these negotiations, both at technical and political level, we have strongly defended our regulatory autonomy. Therefore, there is no commitment to digital regulation, nor to digital taxes, which do not fall within the competence of the EU. We have therefore strongly defended and protected our right to regulate, and this has been an important goal, also in these negotiations'. This was stated by a European Commission official during a technical briefing with journalists in the aftermath of the agreement reached between the EU and the US.

"The agreement with 15% tariffs is certainly an improvement on the initial hypothesis of 30%, which would have caused damages of up to EUR 2.3 billion for American consumers and for the Made in Italy agri-food industry. However, the new tariff structure will have differentiated impacts between sectors and must be accompanied by European compensation for the sectors penalised also considering the devaluation of the dollar. We must wait to understand the terms of the agreement and above all to read the list of zero tariffs agri-food products on which we hope the EU Commission will work to include, for example, wine, which would otherwise be heavily penalised'. This was stated by the President of Coldiretti, Ettore Prandini, commenting on the agreement found between Europe and the US after yesterday's meeting between US President Donald Trump and the President of the European Commission Ursula Von der Leyen. As already stated, Coldiretti emphasises that agri-food products that do not meet the same health, environmental and social standards imposed on European companies cannot be allowed into Italy. It is essential that the European Union continues to firmly defend the system of Geographical Indications, which represent a guarantee of quality and origin, and a cultural and economic protection of our food.

Arms procurement is not an issue for the European Commission and in the negotiation package on tariffs with the United States 'no specific figures have been included': 'it is rather an expectation expressed by President Trump regarding increased defence spending in Europe, which could translate into more orders for the US military industry. But it has not been included in the official calculations'. This was stated by EU sources in the aftermath of the trade agreement with Washington.

The 750 billion euro worth of energy commodities, 'oil, gas and nuclear', that the US is supposed to sell to the EU in three years, which US President Donald Trump spoke about, is not an EU 'commitment', because it will not be the European Commission that will buy them, but private European 'companies'. This was explained by a senior EU official in Brussels in the aftermath of the US-EU trade agreement.

"Negotiations" on possible exemptions for wine "are still ongoing, at the moment there is no precise timeline, but there seems to be more significant progress on the spirits front". This was explained by EU sources in the aftermath of the agreement on tariffs reached with the United States that envisages a 15% tariff also for European agri-foodstuffs with some exceptions to be defined. (ANSA).

The tariffs that the US will apply on medicines imported from the EU "will be at 15%", as for semiconductors. This was clarified by a senior EU official in the aftermath of the agreement reached on tariffs between President Donald Trump and European Commission President Ursula von der Leyen. Trump, he explains, "wanted to make it clear that they have a free hand on how to conclude the ongoing investigations" based on Article 232 of the Trade Expansion Act of 1962, but "it is clear that for the EU, once tariffs are introduced on medicines, they will be at 15 per cent and the same applies to semiconductors, because these are two negotiations that are almost concluded".

The tariffs agreement with the US is for the EU 'a hard blow' that will accelerate the deindustrialisation of Europe. This was said by Russian Foreign Minister Serghei Lavrov as quoted by Russian agencies.

"It is a sad day when an alliance of free peoples, united to assert their values and defend their interests, decides to submit". This is how the French Prime Minister François Bayrou criticised the EU-US trade agreement signed yesterday in Scotland by which Brussels accepts 15% tariffs on important European products in the US and commits itself to purchasing $750 billion of US energy, intended in particular to replace Russian gas, and to making $600 billion in additional investments in the US.

The European Commission is waiting for the US executive orders for the introduction of the 15 per cent tariffs to be effectively adopted on 1 August and, immediately afterwards, plans to suspend the EU countermeasures as of 4 August, thus avoiding the activation set for 7 August. This was reported by EU sources in the aftermath of the tariffs agreement reached with the US The countermeasures, already approved by the Member States, remain ready and could be reactivated if necessary. However, the same sources specify, "it is not from this hypothesis that we will start the new phase of transatlantic relations".

"The EU-US agreement is an important step towards alleviating the high level of uncertainty that has characterised transatlantic trade relations in recent months and Acea welcomes this development in principle. However, the US will maintain higher tariffs on cars and car components, and this will continue to have a negative impact not only on the EU industry, but also on the US industry'. This was the stance of Sigrid de Vries, Managing Director of the European Automobile Manufacturers' Association.

"The agreement reached between the European Union and the United States puts an end to a phase of uncertainty after months of instability that risked leading us into a trade war that our companies would not have been able to withstand. However, we cannot hide our concerns: the tariffs at 15%, although lower than the initial threats of 50% and then 30%, in addition to the devaluation of the dollar are still a significant burden for the European production fabric'. So says Maurizio Gardini, president of Confcooperative.

The auto sector 'today has to pay 27.5% in tariffs. That's 25% plus 2.5%. From that level we have come down to 15%' which 'is not to be underestimated, but is the maximum we have been able to achieve'. This was said by the President of the EU Commission, Ursula von der Leyen, meeting journalists before leaving Scotland. With the US 'we have stabilised on a single tariff rate of 15 per cent for the vast majority of EU exports. This rate applies to most sectors, including cars, semiconductors and pharmaceuticals. This 15% is an upper limit' and is 'all-inclusive. This provides the necessary clarity for our citizens and businesses, which is absolutely crucial'.

"Donald Trump did not reach an agreement with Ursula von der Leyen, but rather ate the president of the European Commission for breakfast". This was said by Hungarian Prime Minister Viktor Orban commenting in a Facebook Live on the 15% tariffs agreement announced yesterday in Turnberry, Scotland, by the two US and EU presidents. The tycoon is 'a heavyweight negotiator and von der Leyen a featherweight,' Orban stressed. The deal is 'worse' than the one obtained by the UK, he remarked, adding that 'it will be difficult to sell as a success'.

China 'urges the resolution of trade disputes through dialogue as equals and in accordance with World Trade Organisation (WTO) rules'. This is Foreign Ministry spokesman Guo Jiakun's comment on the trade agreement announced by the US and the EU on Sunday, adding that Beijing 'firmly opposes any agreement reached at China's expense'.

"The trade agreement between the US and the EU is - as President von der Leyen commented - a factor of "certainty in uncertain times". It is good, therefore, to have averted the prospect of trade wars between the two sides of the Atlantic and - as highlighted in the note signed jointly by President Meloni and Vice-Presidents Salvini and Tajani - to have guaranteed stability to "two strongly interconnected economic and entrepreneurial systems"". Thus Confcommercio in a note. "This is a complex agreement that will have to be carefully assessed, first of all to clarify whether the threshold of tariffs levelled at 15 per cent on European goods exported to the United States is inclusive of the pre-existing duties," underlines the association, for which "the 'cost' of the agreement is, in any case, relevant".

The world of Italian wine, the leading agri-food sector in terms of exports to the United States (with a turnover of 1.9 billion out of a total of 7.8 billion) is experiencing with great concern the new trade arrangement between Europe and the USA with a tariffs that from 1 August will be 15% and with the non-exemption of the spirits sector as had been hypothesised in the negotiations.

'There is not much to celebrate'. Thus Antonio Gozzi, CEO of Duferco and president of Federacciai, in an interview with 'La Stampa' after the agreement on tariffs announced yesterday by the US and the European Union. "For an exporting country like Italy, even 15% is a problem. It is useless to go around it. They are tariffs to which, as Confindustria points out, the devaluation of the dollar is added. They represent a negative element, despite fears that the percentage imposed by the United States could even be higher,' emphasises Gozzi, for whom, moreover, 'the European Union is not addressing a fundamental issue, that of internal tariffs. Furthermore, we do not know the tenor of the discussion that took place and how the negotiations were conducted by the mediators'.

"It is clear that it is a compromise", "it is first of all a political agreement". "After that it is clear that it is in the details that we see what goes well and what goes less well." So said European Affairs Minister and Pnrr Tommaso Foti to Radio anch'io on Radio Uno Rai. 'On steel and aluminium the hope was another. But even in this respect we have to see what is in the details for overcapacity and quotas. So from a technical point of view it's a game that still has to be declined'.

With regard to possible support for the most affected profiles, according to Foti, 'this is also a European problem: not all states have the same type of exports and the same materials. "It is clear that it is a compromise, it must be said clearly, that favours some situations and does not favour others. The European Union has a duty to intervene towards those export profiles that may be penalised. I would say that we need to go beyond this stage bearing in mind that nobody likes tariffs. In the meantime, Europe should simplify as much as possible and take charge of a monetary policy that counteracts the supereuro of this moment that disadvantages us in exports'.

The trade agreement reached between the US and the EU will provide temporary stability, but it is 'unbalanced'. Benjamin Haddad, French Minister for Europe, wrote this on X.

The US has frozen restrictions on technology exports to China to avoid jeopardising trade negotiations with Beijing and with the aim of helping President Donald Trump snatch a meeting with his counterpart Xi Jinping in 2025.

This was reported by the Financial Times, just a few hours before the new round of negotiations in Stockholm between the US and Chinese delegations, citing several sources close to the dossier, according to which the Bureau of Industry and Security of the US Department of Commerce, which manages export controls, has been asked in recent months to avoid harsh moves against China. Nvidia's H20 microchips are in the spotlight.

Further reading

Nvidia and the China factor: more sales expected but Taiwan risk

20 July 2025

"The 15% figure can only see us dissatisfied. The attitude that the historical ally the United States of America has held in this negotiation with the EU is not compatible with the feelings of friendship that have characterised the 80 years after World War II'. So says Cristian Maretti, president of Legacoop Agroalimentare, commenting on the agreement reached by Ursula von der Leyen and Donald Trump.

"We cannot pretend that the tariffs issue is just an 'accounting' issue, especially taking into account the depreciation of the dollar in recent months and the relative uncertainty that an incomprehensible negotiating method has made a huge problem for our exports. And in any case, the agreement will also have repercussions for US consumers,' Maretti explains. Nevertheless, it is 'remarkable to have reached an agreement with a country as important as the US. But Europe must think about support for those sectors that will be most affected'. The hope, 'which makes today's agreement tolerable, is that better results can be achieved soon, leading to a complete elimination of tariffs'.

The EU and the US are working on "a tariff-rate quota system" on steel and aluminium "based on historical trade flows, accompanied by a common policy to manage extra-EU and US imports". This was announced in Brussels after the agreement on tariffs, which for industrial metals includes tariffs of 50%. Brussels and Washington discussed 'a steel and metals union, reflecting a common understanding' in which it is recognised that 'the real challenge is overcapacity at the global level'. 'There was broad agreement on the need to work together as allies' and 'coordinate against unfair competition from third countries'.

Further reading

Trump and Von der Leyen: we have an agreement, tariffs at 15 per cent. No change on steel and aluminium

27 July 2025