Tariffs, Orsini: 'Keep calm, we cannot compromise financial markets'

'The combined impact of US tariffs and the devaluation of the dollar will not be sustainable for several sectors,' Mascarino continues, 'and to protect companies we are asking the EU for public intervention: just as the US has done with tariffs, which is in fact public intervention to protect their industry, we too are asking for it. However, we are not thinking of subsidies, but of urgent structural interventions to strengthen our competitive capacity by reducing tariffs within the EU: streamlining the bureaucratic burden on companies, reforming energy markets to ensure lower prices, facilitating access to credit. In this sense, pursuing more decisively the path of cutting interest rates in the euro area could help economic growth'.

'It remains understandable,' President Mascarino continues, 'that the EU wants to give a political response to the US tariffs, out of institutional dignity and so that it is not mortified by this decision of the Trump administration: but we believe that this response from the EU should be prudent and still open to negotiation, given the risk of a further 30% in the event of retaliation. President Meloni is leading a complex action in Europe to contain all those who would like a muscular response to the threat of US tariffs, a strategy that would risk being self-defeating for Europe and Italy in particular."

"The Italian food industry is strongly export-oriented: the USA is the second destination of our exports, and is worth (in 2024) 7.7 billion in turnover, or 14% of our total exports. Before the USA we only have Germany, which is worth 7.9 billion. So,' Mascarino concludes, 'the USA remains a very important market, and it remains a priority to foster the presence of our companies by supporting their competitiveness.

'One letter was enough to destroy relations between two historic allies of the West. The 30% tariffs on wine, if confirmed, would almost be an embargo on 80% of Italian wine. At this point, our fate and that of hundreds of thousands of jobs is tied to additional time, which will be crucial, because it is unthinkable to be able to place these volumes of wine elsewhere in the short term. At the same time, extraordinary EU intervention will certainly be needed'. This is how the president of the Italian Wine Union (UIV), Lamberto Frescobaldi, commented on the Trump administration's letter announcing 30% additional tariffs to the EU as of 1 August.

'A very serious and unjustified measure, which risks compromising a balance built over time, based on mutual trust, trade dialogue and shared values between historical partners'. Thus Federvini on the announcement of US tariffs planned for next August.

'The imposition of a generalised tariffs of 30% indiscriminately affects high value-added sectors, such as ours,' says Giacomo Ponti, president of the association, 'is a very serious and unjustified measure, which penalises not only European producers, but also American economic operators who are an integral part of our supply chain. It is essential that Europe comes forward with a united and determined voice to protect its strategic supply chains and economic operators affected by unilateral and disproportionate choices'.

The Federation, we also read in a note, calls for an immediate, clear and coordinated response from Italian and European institutions, with the aim of reopening the debate on a bilateral and multilateral level, in full compliance with the rules of trade and international cooperation. "At stake," Ponti concludes, "is the survival of thousands of companies and the stability of a virtuous ecosystem that has generated value and employment on both sides of the Atlantic.

With regard to the tariffs war, after US President Trump's letter to the EU, 'Confartigianato calls on national and European institutions to take coordinated action so as not to jeopardise the economic and employment resilience of entire production districts, internationally recognised for the quality and identity of Made in Italy'. From the president, Marco Granelli, an appeal: 'It is essential that Italy and the European Union keep the dialogue with Washington open. At the same time, we ask the government for concrete measures to support the international competitiveness of our companies: tools for market diversification, incentives for innovation, and infrastructure and energy investments that strengthen the resilience of our production system. Our artisan entrepreneurs and small businesses have shown that they know how to face global challenges with quality, flexibility and roots in the territories. What is needed now is a strategic vision to accompany and protect them in this new phase of uncertainty'.

US President Trump's announcement of 30% tariffs on European products risks dealing a blow to Italian exports to the USA, especially to micro and small enterprises. This is the alarm of Confartigianato, which highlights the value of our sales in the USA: in the twelve months to the end of April 2025, they amounted to 66.6 billion euros. Of these, a good 17.87 billion euros come from small businesses. The announcement of the new tariffs comes in an already fragile context: in the first four months of 2025, against an overall growth in exports to the USA of 8.2%, the manufacturing sector (excluding pharmaceuticals) recorded a contraction of 2.6%.

According to Confartigianato, the Italian regions most exposed to the tariffs effect due to the high export share of small businesses to the United States are: Lombardy: 4,419 million, with fashion at 45.5%; Veneto: 3,094 million, with jewellery and eyewear at 56%; Tuscany: 2,943 million, with fashion (51.6%) and food (21.8%); Emilia-Romagna: 1,636 million dominated by food (52.9%) and fashion (21.5%).

Marco Granelli, president of the confederation, launches an appeal: 'Italy and the European Union keep the dialogue with Washington open. At the same time, we ask the government for concrete measures to support the international competitiveness of our companies'.

"The 30% tariffs on Europe announced by US President Donald Trump go beyond all gloomy forecasts and are absolutely unacceptable. For European agriculture, and for Italian agriculture, they would be a condemnation that will hit not only the primary sector, but the economy of entire countries". This is how the president of Confagricoltura, Massimiliano Giansanti, comments on the letter announcing the US tariffs sent to the president of the EU Commission, Ursula von der Leyen..

'Our companies,' he adds, 'could not bear such a burden, and the issue does not only concern the agri-food chain. As Europe, we must be united in the negotiation and find a solution that does not sink the economy of our continent and that does not challenge production systems on the issue of non-tariff barriers'.

The 30% tariffs announced by US President Donald Trump on European products could cost US families and Italian agri-foodstuffs more than EUR 2.3 billion. This is what emerges from a Coldiretti estimate, made on the basis of the impact on national supply chains already experienced when the additional tariffs imposed by the tycoon in his first term led to a double-digit drop in sales for the products affected.

The possible disappearance of many Italian products from the shelves would be an assist for the already flourishing tarot industry, estimated to be worth 40 billion. To the immediate damage in terms of a probable drop in exports would be added that caused by the lack of growth, with Made in Italy food in the USA aiming to surpass the €9 billion mark this year, after reaching a record value of €7.8 billion last year, thanks to a 17% increase in sales compared to 2023, according to Coldiretti analysis based on Istat data.

Also weighing heavily is the fact that the new additional tariffs would add to the existing ones, penalising in particular certain key sectors, starting with those already subject to tariffs.

With tariffs at 30%, additional tariffs for some products that are symbols of Made in Italy would reach 45% for cheeses, 35% for wines, 42% for processed tomatoes, 36% for stuffed pasta, and 42% for homogenised jams and preserves, according to a Coldiretti projection. "Imposing tariffs at 30% on European - and therefore Italian - agri-food products would be a very hard blow to the real economy, to the agricultural companies that work every day to bring quality and identity to the world, but also to American consumers, Unfortunately, should the tariffs be confirmed on 1 August, we can only note the total failure of Von der Leyen's policy to the detriment of production sectors and future generations. The President must work for a real solution, as she has not yet done'.

"After the European decision to increase its contribution to NATO to exceed that of the United States," says Coldiretti Secretary General Vincenzo Gesmundo, "the American choice to hit our agri-food industry with punitive tariffs seems deeply unfair and completely asymmetrical. One cannot ask Europe for more strategic responsibility and then penalise it economically on trade. We need a shot of lucidity from everyone'.

"The first comment on the news of US tariffs of 30 per cent on imports from EU member countries can only be an appeal to the Commission and our government to strenuously explore every further possibility of negotiation. In short, negotiate, negotiate, negotiate," says Confcommercio, "because, as President Von Der Leyen noted, we would all find ourselves - on both sides of the Atlantic - dealing with disruptive impacts on supply chains and it would be both businesses and consumers who would pay the price.

Moreover, "the figures are well known: taking into account both the export of European goods to the US and the export of US services (first and foremost technology and financial services) to our continent, the imbalance of trade between the US and the EU is equal to no more than 0.55 of the US GDP in 2024, i.e. 161 billion dollars out of more than 29 trillion dollars. And tariffs will certainly not solve the long-standing US trade deficit. Negotiate, therefore, because there is a very strong common interest in the agreement. And negotiate, obviously bearing in mind what has been agreed in the meantime on European defence commitments and the G7 compromise on the global minimum tax'.

"The 30% tariffs announced by Trump are a technical knockout blow for our exports and for part of our production districts. With the tariffs at 10% we had calculated with Censis a heavy backlash for employment with 68,000 fewer people employed and the loss of 18 billion euros in export value, equal to 25% of total exports. Trump proves to be a disseminator of storm and discord, the EU its usual ineffectiveness'. Thus in a note Maurizio Gardini, president of Confcooperative.

'We must still insist on diplomatic ways,' he adds, 'and save what can be saved, but the EU must take this into account in view of the new CAP and cohesion funds. Act intelligently and not with technocratic short-sightedness. the US market is neither fast nor easy to replace'.

'The 30% US tariffs put EU and Italian exports in great difficulty'. So said Cristian Maretti, president of Legacoop Agroalimentare, commenting on the Trump administration's letter announcing 30% additional tariffs to the EU as of 1 August.

For Maretti, reads a note, the issue is mainly political. 'All these changes of direction by Trump in recent months,' he observes, 'risk being a fig leaf to conceal the political will to strike at a historical ally such as Europe'. An appropriate response from the EU is therefore urged. 'Of course,' he assures, 'we will always be on the side of those who avoid throwing petrol on the fire. But if an ally and 'friend' of ours sets fire to our barn, we certainly cannot use white gloves and the foil to reason with him'. He concludes: 'Nobody thinks that tariffs will only be a problem for exporters. The effects on American consumption and the European home market will be inevitable'.

"Faced with the news of Trump's decision to introduce 30% tariffs on EU exports to the US, we cannot but be concerned and alarmed," comments FederlegnoArredo president Claudio Feltrin. "We are waiting to understand in practice how they will be applied from 1 August, but," he says, "we feel we must repeat, as we have already said on other occasions, that Europe must avoid a clash of tariffs against tariffs that would not benefit anyone. Firmness, calm and diplomacy, I believe, are the best responses to the umpteenth attack by the US presidency on the entire European production system, which would be severely affected by the application of the measure, including the wood-furniture sector, which has, precisely in the US, its second largest export market". "The whole of Europe and our government," Feltrin continued, "must be well aware that not defending our companies now could result in the industrial desertification of the Old Continent.

'Trump is a fickle and aggressive tycoon. We hope Giorgia Meloni will make him take some steps backwards by exploiting his fickleness. But if things stay like this for us, the US will become a very difficult country as long as it is governed by this Trump'. Thus Stefano Berni, director general of the Consorzio tutela Grana Padano, on the announcement of the 30% tariffs on 1 August.

'His decision,' he continues, 'amounts to a true declaration of economic war. Therefore, from now on Europe can no longer consider him a competitor, but he becomes an enemy'.

Berni points out, in particular: 'It is necessary to remind everyone that Grana Padano has for so many years been paying a historic tariffs of 15% on exports to the United States. A duty which, after the first months of the Trump presidency, has risen to 25%, and therefore now accounts for almost 6 dollars per kg. The tariffs would now rise to around USD 10 per kilogram of Grana Padano. But American importers and distributors sell Grana Padano to consumers by multiplying the starting price and all the logistical costs they have in the US by 2. This means that today they are selling it for just under EUR 40 per kg; but with an additional tariffs of 30%, which will bring the total to 45%, the consumer price will be well over USD 50 per kilogram'.

The picture that is looming for the world's most widely consumed PDO cheese chain, which has the USA as its third largest market in the world with more than 220,000 wheels exported in 2024, is therefore very heavy.

"With such tariffs, our consumption in the United States will obviously be reduced," Berni concludes, "and this dramatic mistake will also be detrimental to the American consumer, who will in any case consume grana padano, albeit less, so much so that over the years US consumers have rewarded us with a continuous growth in consumption. But against Europe, Trump has carried out an authentic and heavy act of war, conducted with short-sighted arrogance and which also risks upsetting the general geopolitical balance. It is clear that the Europeans are thus losing a friendly country'.

The Director General of the Grana Padano Consortium appeals to institutions and politics.

US tariffs would cost Italy some EUR 3.5 billion in lost exports. If, on the other hand, customs tariffs were to be raised to 20%, the economic damage would amount to up to 12 billion euro. These are the estimates of the Cgia research office by processing OECD data.

Milan, Florence, Modena, Bologna and Turin produce one third of Italian goods sold in the US. The metropolitan city of Milan is the area of the country that exports the most to the United States: in 2024, sales reached EUR 6.35 billion. It is followed by Florence with 6.17, Modena with 3.1, Bologna with 2.6 and Turin with 2.5. All together, these five territories export almost a third of the national total of goods destined for the USA.

According to the Cgia, Italian companies exporting to the US only account for 5.5% of sales in this market, while the gross operating margin is on average 10% of revenues. In other words, they have little exposure to the US market and any closure of this market would have relatively little impact. Moreover, these companies have, on average, good margins to reduce the final price of their goods to be sold in the States, offsetting, at least partially, the increases caused by the introduction of customs barriers.

'Firm nerves and unity are needed for industry in Turin and Italy, as for the whole of European industry: we do not want to compromise established markets and relationships. In this sense, a unanimous European position is needed, an industrial policy that puts production, innovation and energy at the centre. This must be the basis for building a response, concretely indicating the medium-long term direction'. This is how the President of the Unione Industriali Torino, Marco Gay, comments on the letter sent by the US President, Donald Trump, which envisages the introduction of trade tariffs of 30% for all European goods bound for the USA.