The US administration’s proposed tariffs could harm Italy’s economy, the wider European economy, and global trade.
Economy Minister Giancarlo Giorgetti addressed the issue during question time in the Chamber. He said, “One thing must be reiterated: we have experienced decades of global competition, the so-called mythical globalisation, often without rules. Today, we worry about the impact of US duties, but we forget the real damage suffered by Italy’s economy. Many businesses and entrepreneurs have disappeared due to unfair competition under a free trade theory once seen as inevitable.”
The tariffs threatened by US President Donald Trump risk penalising Italy’s most competitive industries in terms of quality-price ratio, rather than luxury goods. The worst-hit could be key agri-food products, as highlighted by a Nomisma study for Cia-Agricoltori Italiani. Pecorino Romano, widely consumed in grated form, is particularly vulnerable as price increases could lead to substitution with similar alternatives.
Prosecco and Pecorino could suffer due to US tariffs
With the possible return of trade barriers, other at-risk products in the US market include apple cider, oils, and vinegars. Medium-priced PDO wines, including prosecco, could also suffer. According to the Italian Wine Union (Uiv), nearly 98% of Italian prosecco exports go to the US, where demand has surged. The Uiv Observatory reported a 20% rise in export volume in the last two months of 2024 compared to the same period in 2023. However, a 25% tariff could cost Italian wine producers around €470 million in lost US sales, with total global export losses approaching €1 billion.
Cia national president Cristiano Fini has called for urgent diplomatic action to protect the progress made in recent years. “Agri-food exports to the USA have grown by 158% in ten years, making the US the second-largest market for Italian food and wine, with €7.8 billion in sales in 2024,” he said.
Agriculture Minister Francesco Lollobrigida, speaking at the 10th Economic Conference of the Cia, confirmed that Italy is working closely with the EU on a united response to US tariffs. Meanwhile, at the Verona Fair, Matteo Salvini downplayed concerns, stating, “With both Trump and Biden, Italy had not luck, but the ability to negotiate, and some products, such as wine, were exempt from duties.”
Also read: EU Nations must act individually against US tariffs
