Tariffs, first technical meeting of the task force at the Farnesina

Following the first meeting held by Foreign Minister Antonio Tajani with the Italian System agencies - Ice, Sace, Simest, and Cdp - and the country's main trade associations on 28 July, a tariffs task force was set up at the Farnesina. Active with a dedicated telephone number and email, the task force held an initial meeting today, which was attended by about 70 business associations. Awaiting the finalisation of the joint declaration between the EU and the US and the agreement that should outline a more stable framework of the new trade relations between the two sides of the Atlantic, the contents of the executive order signed by President Donald Trump on 31 July were illustrated.

The new tariffs will enter into force seven days after the executive order is issued, i.e. on 8 August. In particular, the contents of some clauses have been explained, such as the one stipulating that for goods in transit by ship or stored for marketing before 8 August, the basic duty of 10% will continue to apply until 5 October 2025, and the one providing for an increase in tariffs of up to 40% for possible triangulations for tariff avoidance purposes with countries with lower tariffs than the EU.

It was also clarified how the European Commission will launch tomorrow, under emergency procedure, the suspension of EU countermeasures - which should have been triggered on 7 August - and which EU countries will have to validate in the next 14 days, i.e. by 12 August. The subsequent discussion clarified the implications of the executive order for Italian companies and the prospects for the continuation of negotiations between the EU and the US. The task force remains active for specific enquiries at +39 3293605184 and the dedicated email dgue-taskforcedazi@esteri.it and reserves the right to convene meetings on a regular basis and following important developments.