Tariffs Trigger Turmoil: Italian Industry Faces U.S. Trade Pressure

The head of Italy's industry lobby warns of massive impacts from U.S. tariffs. Key sectors like pharmaceuticals and fashion could suffer. With escalating trade tensions, calls rise for EU negotiations, interest rate cuts, and new trade pacts to counteract potential economic fallout.

The impact of U.S. tariffs on Italian companies is poised to be dramatic, as cautioned by the head of Italy's national industry lobby, Confindustria. The leader has urged Europe to negotiate with President Donald Trump to prevent further escalation of trade tensions.

Details about the new 'Liberation Day' tariffs were still under wraps, with a White House announcement expected later. Emanuele Orsini emphasized the significant risk to Italy, particularly affecting high-export sectors like pharmaceuticals, fashion, and food industries.

Orsini warned that friction between Europe and the U.S. could benefit China, urging for a unified EU response. He called for an ECB interest rate cut, fresh trade agreements, and reinforced the EU's single market to mitigate the tariff's adverse effects.

(With inputs from agencies.)