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Investing.com -- Italy could lose €20 billion ($23.6 billion) in exports and 118,000 jobs in 2026 if the United States implements 10% tariffs on all European products, according to the head of Italy’s main business lobby.
Confindustria President Emanuele Orsini shared these concerns in an interview with Italian newspaper Il Corriere della Sera on Wednesday.
Orsini explained that Italy exports more than just luxury goods with price-inelastic demand. The country’s exports include machinery, transportation equipment, and leather goods, which would be vulnerable to price increases.
The business leader stated that 10% tariffs would be unsustainable for the Italian economy. He noted that the actual impact would be equivalent to a 23.5% duty when factoring in the dollar’s 13.55% depreciation against the euro since President Donald Trump’s election.
"A product that a year ago an Italian company was selling in the United States for 100 now costs our American customer 123. We fear very heavy setbacks," Orsini said.
Countries have until July 9 to finalize trade agreements with Washington.
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