From mechanics to fashion, the impact of US tariffs sector by sector

Against a total export to the US of approximately EUR 66-70 billion in 2024, the actual exposure of Italian companies to tariffs could refer to a base of between EUR 45 and 50 billion with an estimated direct cost for companies of between EUR 6.7 and 7.5 billion. An impact that, however, as the president of Confindustria Emanuele Orsini has repeatedly stressed, could reach up to 22.6 billion, also taking into account the relationship between the euro and the dollar.

The accounts have yet to be finalised but it is certain that the impact of the 15% tariffs will be unevenly distributed, with greater pressure on sectors with low price elasticity and greater resilience for high-end Italian products. At a territorial level, according to Svimez's calculations, they will mainly damage the North, an area with greater industrial traction and more export-oriented, worth 5,894 million euro, 68.32% of the total. But in all regions, with the exception of Sicily and Sardinia, the reduction in exports is expected to be in double figures with a peak of -34% in Val d'Aosta, followed by -19% in Trentino Alto Adige, regions, however, where the export stock is low compared to the larger regions.

According to estimates by Unimpresa's study centre, the most exposed sectors are mechanics, chemical-pharmaceutical, fashion, agri-food, transport and luxury goods. Below are the impacts by sector.

Exports to the US account for a 27% share, worth EUR 18 billion. The theoretical tariffs are estimated at 2.7 billion