Impact of US tariffs: Florence, Milan and Trieste the most affected provinces

The US tariffs would not affect all Italian provinces equally. At the top of the list of the most penalised territories are, in order, Florence, Milan, Trieste, Modena, Rome, L'Aquila, Bologna, Vicenza, Frosinone and Bergamo. The numbers emerge from an analysis of the latest ISTAT quarterly provincial data.

For Florence, US exports accounted for 26.9% of total foreign sales in the first quarter of 2025. With tariffs at 30%, the potential loss could have been 580 million. For Milan the US share was 12.9% and the loss 547 million). A higher percentage for Trieste (42% of the US share of exports) for which the loss could have been 366 million. Substantial losses were also incurred by L'Aquila and Frosinone, where, respectively, US exports account for 83.5% and 28.5%. Here the loss would be 208 and 176 million in the first quarter of 2025. With tariffs at 15 per cent the possible loss would obviously have been halved, while with tariffs at 10 per cent it would have been one-third

The least penalised territories are those that generally do not have very strong exports. In Enna (the weight of US exports on the total at 7.2%) the loss of revenue could have been just over 207,000 euro in the first quarter of 2025. Negative impact of less than one million also for Caltanissetta, Crotone, Oristano, Cosenza and Viterbo.