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With the U.S. as the largest non-EU market for Italian exports, tariffs imposed by President Trump could significantly impact sectors like wine, spirits, and furniture. Federvini, representing wine and spirits exporters, warns that such tariffs could cost Italy up to half of its U.S. market share
ADVERTISEMENTThe United States is the largest non-EU market for Italian exports. According to Italian PM Giorgia Meloni, during the first two years since taking office, they have grown by over 15 billion euros.But what could happen if Made in Italy products were targeted by Trump’s tariffs?We put the question to Marco Simoni, who’s the Director of the Industrial Policy Hub at Luiss University in Rome and who previously worked as an economic advisor to two Italian Prime Ministers.“The impact on Made in Italy products would be significant”, he told Euronews.”Every year, we export around 70 billion euros worth of goods to the United States. That’s a lot of money and a wide range of products. Tariffs would reduce the ability of Italian companies to do business in the U.S. On the other hand, we would buy fewer American products if the EU imposed tariffs on them as well”.Together with the furniture industry and food, wine exports would be among the main sectors affected by Trump’s tariffs, as the U.S. remains the largest importer of Italian wines.Federvini, representing over 2,000 companies—mainly wine and spirits exporters—has called for a de-escalation of tensions to avoid a full-scale trade war. Micaela Pallini is both the President of the Pallini family-run business, the world leading producer of Italian Limoncello, and the President of Federvini.“The U.S. is the main country where we export our products, specifically wines and spirits” said Pallini, “we are talking about approximately 30% of the 2 billion euros’ worth of exported products, so we might end up losing around half of it. It’s a real risk”.Despite her close ties with Trump, it would be difficult for Giorgia Meloni to be offered any shortcuts.“It’s a good thing that Italy has a privileged relationship with the U.S., but this won’t have any effect on potential tariffs, as they would be imposed on EU goods and not on individual countries” explained Simoni.”Italy, in fact, is an EU member state” added Simoni,”which means that negotiations take place between the U.S. and the European Union, not with individual Member States”. According to the former economic advisor, there could be another reason why Trump might be threatening to impose tariffs.”Trump might want something in return” said Simoni “he might want the EU to increase its military spending to strenghten its defence capacity along its borders as in the case of Ukraine. And he might want to get favourable conditions from the EU, both legal and fiscal, for high – tech companies that have supported him”.
