Premier Giorgia Meloni on Monday welcomed the EU-US trade agreement reached but expressed caution over its potential impact.
Speaking in Addis Ababa during the United Nations Food Systems Summit, Meloni said she viewed the agreement positively, but noted that it is still preliminary and not legally binding.
“I always thought, and continue to think, that a trade escalation between Europe and the United States would have had unpredictable and potentially devastating consequences,” she told reporters.
However, she warned that full judgment must wait. “There are a number of elements that are missing… I won’t be able to assess this until I have the clear data,” Meloni said, citing uncertainties over exemptions, investments and gas purchases.
Deputy Premier and Foreign Minister Antonio Tajani also addressed the deal on Monday, announcing government support for Italian companies affected by the 15% tariffs. “Businesses absolutely must be given support,” he said.
Tajani confirmed a meeting with business representatives at the foreign ministry to discuss the tariffs and gather information for an export action plan. He added that the government does not yet know whether the new tariffs will require a corrective budget.
Tajani also called for action from the European Central Bank to reduce the cost of money. “We can go as low as zero [interest rates]… to reduce the strength of the euro and make our products more competitive,” he said.
The predicted cost of tariffs
The Svimez research institute on Tuesday warned the agreement could reduce Italian exports by €8.63 billion and put over 103,000 jobs at risk. If pharmaceuticals are excluded from the tariffs, the projected damage would be lower—€7.44 billion in exports and nearly 90,000 jobs at risk.
Southern Italy could lose €705 million in exports and more than 8,500 jobs, the study said.
Despite these concerns, Italian exports to non-EU countries rose 6% in June compared with May, according to Istat. Exports to the United States were up 10.3% year-on-year, although US imports to Italy rose 45.7%.
Istat reported a trade surplus of €5.39 billion with non-EU countries in June 2025, down from €6.11 billion a year earlier. Excluding energy, the surplus dropped from €9.73 billion to €9.27 billion.
Meanwhile, auto giant Stellantis said US tariffs will cost the company €1.5 billion in 2025. The firm reported a net loss of €2.3 billion in the first half of the year, including €3.3 billion in net charges. Stellantis said it remains “highly engaged” with policymakers and continues long-term planning.
