Trump's tariffs cost the same as the bridge over the Strait of Messina. And the WsJ attacks him

Just a few hours after Donald Trump certified the 15% tariffs with his executive order, Europe is starting to reckon and is still divided on the appropriateness of the agreement signed by Ursula von der Leyen. Things might improve once the joint EU-US declaration is finalised. The problem is that it is not known if and when this will happen. And there is a growing fear in Brussels of navigating by sight until September, thus leaving three crucial sectors such as pharmaceuticals, cars and chips in limbo.

The summer break bell was more timely than ever for Ursula von der Leyen. From Monday, the Palais Berlaymont will be working with reduced ranks, among the commissioners in attendance will be Mediterranean delegate Dubravka Suica. Activities, however, will not be interrupted. The Customs Barriers Committee, presumably on Monday, will have to formalise the suspension of the 93 billion counter-tariff list. The decision, within the next 14 days, will have to be ratified in written procedure by the 27 countries. Barring any last-minute changes, the Commission is expected to proceed with a 6-month suspension of the countertariffs and not to shelve them.

And among the European chancelleries there are those who believe that even the freeze is an excessive concession to the US. Suffice it to say that the list includes the 21 billion tariffs that the EU had prepared in response to Trump's 50% tariffs on steel and aluminium. Tariffs that the White House executive order did not eliminate. Negotiations will be tight on exemptions for strategic products. Negotiations on the 15% exemptions should - theoretically - be concluded by 7 August, when Trump's executive order takes effect.

From liquor to aeroplanes, from medical devices to a range of foodstuffs: there are many industries in the Old Continent that are hoping to cash in on a rebate or zeroing of tariffs. "We have to work so that from the general framework of 15% tariffs we then go down to the details. That is where we should defend Italian products tooth and nail," stressed Foreign Minister Antonio Tajani speaking at the Stati Generali del Meridione in FI. According to an estimate by the Cgia, the application of the 15% tax rate is expected to cause damage to Italy, at least in the short term, of between EUR 14 and 15 billion per year. An amount that, in principle, corresponds to the cost of building the bridge over the Strait of Messina.

But accounts are not only made in Italy. On Monday, German Finance Minister Lars Klingbeil will see Treasury Secretary Scott Bessent in Washington. On the table, ca va sans dire, will be the dossier on transatlantic trade relations. The risk, for von der Leyen, is that somehow the individual member states will start to move in random order, dissatisfied with the protection guaranteed by the Commission. A risk that increases if one looks at the more than 1.3 trillion (of which 750 billion in the energy sector) that the EU has promised Trump. Many countries do not want subjugation to star-studded LNG. In September, another chapter will also open: that of possible relief. Giorgia Meloni has already evoked them but, in the EU, not many capitals agree. And in Brussels there are those who think it is counterproductive for consumers. It will be up to von der Leyen to quench the ill-feeling. But his autumn, in Brussels they are already certain, will be very hot.