Tariffs, business groups now demand relief and lower rates

It is good to put 'an end to uncertainty', but the 15% tariffs agreement will have a 'significant' cost for businesses. The manufacturing world welcomes with concern the agreement just reached by the EU and the US. From cars to agribusiness, from machinery to wine, the cry of alarm is accompanied by an initial estimate of the possible damage. Billions of euros of exports destined to go up in smoke, which the categories do not however intend to cash in on in silence: "support and compensation" are needed for the companies affected, is the appeal to the government and the EU. It is precisely to Europe that Confindustria president Emanuele Orsini turns, calling not only for the immediate implementation of "a new ordinary industrial plan for companies", but also proposing to exceed the Stability Pact not only for arms and defence, "also for industry". The agreement reached is certainly not satisfactory. 'For us everything beyond zero is a problem,' Orsini makes it clear, confirming the estimated impact of tariffs on business: 22.6 billion. A burden to which we must also add 'the dollar-euro devaluation, which for us today means increasing tariffs by 13%'.

The agreement is complex and everyone is waiting to assess it carefully, but it is already clear now that the effect will be heavy. "Initial estimates indicate a direct impact of tariffs at 15% for 2025 to the detriment of our exports in the order of 8/10 billion: an impact to which we must add the effects of the devaluation of the dollar," Confcommercio also says. And it is precisely the weak greenback that risks having an effect on the Italian tourist market as well, notes Confesercenti, which estimates "a strong impact, with about 300 thousand fewer US arrivals in Italy and a drop of 600 million in American tourist spending". The US market is the second largest for our exports and "it is precisely in the USA, in the last five years, that Italian entrepreneurs have scored the highest growth in exports: +57%, equal to an increase of 24.2 billion," recalls Confartigianato, which concludes: the agreement "will not be painless.

A scenario in which it is also possible that some may not make it. "Artisanal enterprises cannot sustain either direct or indirect tariffs and the real risk is that they will face a crisis like the one that occurred during the pandemic," emphasises Cna. "Many of our cooperatives and enterprises, already tested by years of economic challenges, will struggle to absorb this impact," warns Confcooperative, calling for "every instrument" to be mobilised, "from the Ursula von der Leyen Commission's plan to the ECB's monetary policy decisions". The agreement will have a 'high impact' on our main exports and, consequently, on production, adds Legacoop, which also urges the 'rapid reactivation of the export table to make available the 25 billion secured by the government'.

 "The US will maintain higher tariffs on cars and automotive components, and this will continue to have a negative impact not only on the EU industry, but also on the US industry," says the European Automobile Manufacturers Association (Acea). The automotive industry, with exports of 5.2 billion, Fiom points out, is among the most exposed metal sectors in exports to the US, "on which the tariffs will therefore weigh most heavily". Coldiretti's farmers breathe a sigh of relief compared to the initial hypothesis of 30% "which would have caused damage of up to 2.3 billion euros for American consumers and for Made in Italy agrifood products", but they warn that the agreement will have "differentiated impacts" and must therefore be accompanied by European compensation for the sectors penalised. Fedagripesca Confcooperative fears 'serious effects on competitiveness'. On the wine sector, tariffs are "a big blow": the Italian Wine Union estimates a damage of "about 317 million euro cumulated over the next 12 months". According to the UIV analysis, at the beginning of the year, the Italian bottle that came out of the cellar at 5 euro was sold in the aisle at 11.5 dollars; now, between tariffs and devaluation of the greenback, the price would be close to 15 dollars (+186%). And producers, from Franciacorta to Tuscan wines, from Chianti to Brunello, are calling for intervention by the institutions.