The head of Confindustria, Italy’s leading business lobby, Emanuele Orsini, warned that U.S. President Donald Trump’s new tariffs could have a devastating impact on Italian businesses. Speaking in an interview, Orsini emphasized the necessity for Europe to negotiate with the U.S. to prevent a dangerous escalation in trade tensions. He described the situation as a potential game-changer for Italian industries, particularly those relying heavily on exports.
The looming tariffs, referred to as the “Liberation Day” measures, are expected to disrupt global trade and raise costs for businesses worldwide. The full details of the new tariffs were still under wraps as of Wednesday, but they are expected to be announced shortly. Confindustria’s research center is already working to assess the financial fallout for Italy, with Orsini predicting a significant negative impact.
Industries such as pharmaceuticals, fashion, food, and machinery production are expected to be the most affected, with Italy’s export-driven economy facing severe challenges. Orsini warned that if Europe escalates its confrontation with the U.S., countries like China could benefit from the trade shifts, weakening Europe’s position in the global market.
In response, Orsini has urged the European Union to remain unified and take proactive steps to mitigate the damage, such as negotiating new trade agreements with countries like Mexico, India, Japan, and Thailand. He also called for a reduction in interest rates by the European Central Bank to buffer the negative effects. Finally, he expressed concern over the possibility of Italian businesses relocating their operations abroad to escape the burden of these new tariffs.
Source: reuters