MILAN (Reuters) -U.S. 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
Italy Faces Potential 0.8% GDP Loss Due to US Tariffs, Business Group Warns
Economic Impact of US Tariffs on Italy
MILAN (Reuters) -U.S. 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.
Projected GDP Loss
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.
Italy's Key Exports to the US
If 30% tariffs are confirmed, and assuming no countermeasures from the EU, Italy's GDP would take a 0.25% hit this year, rising to 0.59% in 2026 and 0.82% in 2027, Confindustria's research unit said.
Forecasts from Confindustria and EY
Italy's main exports to the U.S. include machinery, pharmaceuticals, cars and food products such as olive oil, pasta, cheese and wine.
In a separate report, professional services group EY issued even bleaker forecasts, predicting 30% tariffs would shave 1.4% off Italy's GDP for 2025-2026, effectively cutting to zero expected growth for the period.
Last month, national statistics agency Istat forecast GDP growth of 0.6% this year and 0.8% in 2026.
Italy's business lobby last week said the only acceptable U.S tariff would be zero as EU exports are already penalised by a depreciating dollar. The U.S. currency has lost more than 12% against the euro since the start of the year.
($1 = 0.8593 euros)
(Reporting by Sara Rossi, editing by Alvise Armellini and Christina Fincher)
