Ficei president: “A UK-style model would reduce Italian exports by up to 6% and jeopardize 27,000 jobs in key sectors like automotive and pharma.”
Tariffs on Italian exports: a heavy blow worth €4 billion
According to Antonio Visconti, president of Ficei and of the ASI industrial consortium of Salerno, a possible 10% tariff on Italian exports to the United States could significantly hurt the Italian economy. Ficei’s research office estimates a potential 5% to 6% reduction in exports, which translates into €4 billion in lost trade, based on €65 billion in exports to the US recorded in 2024.
Automotive and pharma sectors in the crosshairs
The automotive and pharmaceutical industries are expected to bear the brunt of the impact. Italy’s auto sector, tightly integrated into European supply chains, would face increased costs. The pharma sector, which exported over €10 billion to the US in 2024, could also lose competitiveness due to new tariffs.
Southern Italy more exposed
Visconti warns that Southern Italy is at greater risk compared to the Center-North. The Mezzogiorno is more reliant on sensitive sectors like agri-food and automotive, which makes it vulnerable to tariff shocks. The export decline in the South could reach 4.2%, versus 3.8% in central and northern regions.
Macroeconomic impact and job losses
The 10% tariffs would affect more than just trade. The macroeconomic effects include a €1.9 billion drop in GDP, equivalent to 0.1% of Italy’s total GDP, and the loss of 27,000 jobs, especially in industrial regions across Central and Northern Italy.
FAQ
1. What are the 10% US tariffs about?
They are proposed import duties that would raise the price of Italian goods entering the US by 10%.
2. Which sectors are most affected?
Automotive, pharmaceutical, and agri-food industries.
3. What is the “UK-style model”?
A reference point for future EU-US trade deals that includes moderate tariffs.
4. How much does Italy export to the US?
About €65 billion in 2024.
5. What’s the estimated export loss?
Between 5% and 6%, or around €4 billion.
6. Why is Southern Italy at higher risk?
It’s more dependent on sectors vulnerable to tariffs.
7. What’s the impact on Italian GDP?
A €1.9 billion reduction, or 0.1% of national GDP.
8. How many jobs are at stake?
Roughly 27,000, mostly in Central and Northern regions.
9. Is there an alternative to tariffs?
Yes, it depends on EU-US trade negotiations.
10. Who is Antonio Visconti?
President of Ficei and ASI Salerno, raising concerns about tariff effects.
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