The impact of US tariffs on the global economy
The increase in customs duties by the United States opens a new chapter of trade tensions with potentially devastating effects on the global economy. Unimpresa warns that a tariff escalation could trigger retaliations, reduce the competitiveness of Italian companies, and worsen the economic slowdown. The most affected sectors would be manufacturing, agri-food, and high-end exports, which would see limited access to a key market like the US.
In 2024, the value of Italian exports to the US is estimated at €64 billion, making the United States the first non-European market for Made in Italy. Stricter import policies could disrupt this trade flow, threatening thousands of small and medium-sized enterprises (SMEs).
The industries most affected by the tariff increase
The new trade barriers could hit some key sectors of Italian exports particularly hard:
- Agri-food: wine, cheese, and olive oil could face higher costs, reducing their competitiveness.
- Fashion and luxury: Italian fashion, renowned for quality and craftsmanship, may see declining demand due to price hikes.
- Machinery and automotive: industrial equipment and automotive components would suffer from shrinking profit margins.
- Pharmaceuticals and biomedical: higher tariffs could impact distribution and consumer costs.
- Furniture and design: the US is a top market for Italian design, but tariffs may limit accessibility.
Unimpresa’s position: concrete actions needed
Unimpresa calls on the Italian government and the European Union to adopt a unified strategy to defend Italian businesses. According to Giuseppe Spadafora, a constructive dialogue with the US is essential to avoid a full-blown trade war.
How businesses can respond
Italian companies must adopt targeted strategies to mitigate the impact of tariffs, including:
- Market diversification
- Investments in innovation
- Strategic partnerships
- Optimized logistics
Conclusion: Italy’s role in the EU strategy
Italy must lead the EU response, promoting sustainable solutions to prevent a damaging trade escalation.
What do you think? Will new tariffs harm Italian trade? Leave a comment below!
