- Title: Italian companies warn of tariff fallout, residents hope for EU action
- Date: 3rd April 2025
- Summary: YOKOHAMA, JAPAN (FILE - NOVEMBER 13, 2024) (REUTERS) VARIOUS EXTERIORS OF NISSAN GLOBAL HEADQUARTERS SHOWROOM AT NISSAN GLOBAL HQ NISSAN ARIYA ELECTRIC VEHICLE (EV) NISSAN BADGE ON FRONT OF ARIYA EV TOKYO, JAPAN (FILE - OCTOBER 24, 2023) (REUTERS) VARIOUS OF ELECTRONIC TICKER, READING (English): "TOYOTA" VARIOUS OF TOYOTA CONCEPT CARS ON DISPLAY TOKYO, JAPAN (FILE - NOVEMB
- Embargoed:
- Keywords: CONFINDUSTRIA DONALD TRUMP EUROPEAN UNION TARIFFS
- Location: MILAN AND ROME, ITALY
- City: MILAN AND ROME, ITALY
- Country: Italy
- Topics: Europe,Government/Politics,International Trade
- Reuters ID: LVA003386403042025RP1
- Aspect Ratio: 16:9
- Story Text: Italy's Confindustria federation of textile, fashion and accessories companies on Thursday (April 3) warned of heavy repercussions on luxury brands and exports after U.S. President Donald Trump announced new tariffs.
European shares slumped to a two-month low with bank stocks bearing the brunt of fears that the escalating trade war would slam the brakes on economic growth.
U.S. President Donald Trump's move to slap a 10% tariff on most U.S. imports effectively raised the rate of levies on the European Union to 20% and on China to 54%, with both trading partners vowing countermeasures.
"We are afraid for our companies, we fear that there will be a downturn because then it will depend on the other side if the Americans are willing to pay more," said Giovanna Ceolini, head of Confindustria Accessori Moda, which represents Italian companies in the footwear, leather, fur, and tannery industry.
"It will depend on whether Americans are willing to pay a little more."
Italy's Prime Minister Meloni has canceled all her engagements for the day to focus on actions to take in response to U.S. tariffs, a government statement said on Thursday.
Rome residents expressed concern about the trade war triggered by Trump, with one saying "but we also have China...it's not easy."
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