U.S. tariffs of 30% on European Union goods could reduce Italy’s GDP by up to 0.8% by 2027, according to the country’s main business lobby, Confindustria, as transatlantic trade talks remain ongoing.
President Donald Trump has warned of imposing 30% tariffs on EU imports beginning August 1. However, his trade representative, Howard Lutnick, stated on Sunday that there is still "plenty of room" to reach a deal with European officials.
If implemented without any EU countermeasures, the tariffs could lower Italy’s GDP by 0.25% this year, 0.59% in 2026, and 0.82% in 2027, according to Confindustria’s research division.
Key Italian exports to the U.S. include machinery, pharmaceuticals, automobiles, and food products such as olive oil, pasta, cheese, and wine.
In a separate analysis, consulting firm EY projected an even steeper impact, estimating that 30% tariffs would reduce Italy’s GDP by 1.4% during 2025–2026, potentially wiping out all expected economic growth for that period.
By contrast, Italy’s national statistics agency Istat had forecast GDP growth of 0.6% in 2025 and 0.8% in 2026.
Confindustria has argued that the only acceptable U.S. tariff level is zero, noting that EU exporters are already disadvantaged by a weakening dollar, which has fallen over 12% against the euro since the beginning of the year.
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China announced a sweeping inspection of fire-safety standards in high-rise buildings nationwide on Saturday after a deadly fire in Hong Kong left at least 128 people dead.
The death toll from floods and landslides following cyclonic rains in the Indonesian island of Sumatra has risen to 303, the head of the country's disaster mitigation agency said on Saturday, up from a previous figure of 174.
Hong Kong on Saturday mourned the 128 people known to have died in a massive fire at a high-rise apartment complex, a toll that is likely to rise with 150 still missing days after the disaster.
The global recall of Airbus A320 aircraft has triggered widespread disruption across several major airlines, forcing flight cancellations in the United States, Japan, Australia and New Zealand.
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