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Investing.com -- The head of Italy’s business lobby Confindustria stated Wednesday that the only acceptable tariff on European exports to the United States would be "zero" as the bloc already faces challenges from the euro-dollar exchange rate.
"The real issue is that, to date, not only do we have to consider the burden of tariffs, but we must add on to that the euro-dollar exchange rate, which averages 13%," said Confindustria President Emanuele Orsini during a conference in Rome.
Orsini noted that the dollar devaluation against the euro "is the biggest in the world" and warned that the business association’s projections indicate this trend will worsen in coming months, potentially reaching up to 20%.
The business leader emphasized that European exporters are already dealing with significant currency-related disadvantages when selling to American markets.
"Any tariff level on top of that is out of control," Orsini added, suggesting that additional trade barriers would create excessive challenges for European businesses exporting to the United States.
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