6,000 Italian companies to be hit by U.S. tariffs: trade agency

Alsharq Tribune-AFP 

More than 6,000 Italian companies are directly exposed to the risks of higher U.S. tariffs, according to a report released Wednesday by the Italian Trade Agency (ITA).

U.S. President Donald Trump announced on Saturday the decision to impose a 30 percent tariff on imports from the European Union (EU) and Mexico starting Aug. 1.

The ITA report said that the affected companies are mostly micro and small firms operating in high-value-added sectors such as the beverage industry, metal products, pharmaceuticals, furniture, retail trade, and transport-related products other than motor vehicles.

The report estimated that the value of exports from these companies to the United States is more than 11 billion euros (12.76 billion U.S. dollars).

The Association for the Development of Industry in the Mezzogiorno (SVIMEZ) also warned earlier this week of the potential impact of the tariffs, estimating a 0.5 percent reduction in Italy's GDP in 2026 and the potential loss of up to 150,000 jobs.

Italian Foreign Minister Antonio Tajani said Monday the EU is prepared to impose billions of euros in retaliatory tariffs on U.S. goods should ongoing trade negotiations between the two sides fail to produce an agreement.