US Tariffs Could Cost Italy Up to 0.8% of GDP, Business Lobby Says
US tariffs of 30% on European Union goods could shave up to 0.8% off Italy's gross domestic product in 2027, the country's main business lobby said on Monday, as transatlantic trade negotiations continued.
President Donald Trump has threatened 30% tariffs on EU imports starting August 1, but his trade chief Howard Lutnick said on Sunday there was "plenty of room" for an agreement with European counterparts.
If 30% tariffs are confirmed, and assuming no countermeasures from the EU, Italy's GDP would take a 0.25% hit this year...
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