6,000 Italian companies to be hit by US tariffs: Trade agency

Rome, July 17 More than 6,000 Italian companies are directly exposed to the risks of higher US tariffs, according to a report by the Italian Trade Agency (ITA).

US President Donald Trump announced on Saturday the decision to impose a 30 per cent tariff on imports from the European Union (EU) and Mexico starting August 1.

The ITA report, released on Wednesday, 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 US dollars), reports Xinhua news agency.

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 per cent 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 US goods should ongoing trade negotiations between the two sides fail to produce an agreement.

Additionally, Trump on Wednesday unveiled a plan to impose a unified tariff rate on more than 150 countries and regions, according to a report by Politico.

"It's all going to be the same for everyone, for that group," Trump told reporters during talks with Bahrain's Crown Prince Salman bin Hamad Al Khalifa at the White House.

Those to be covered under the new measure are described by Trump as "not big" and ones that "don't do that much business."

In April, the Trump administration introduced a baseline tariff of 10 per cent on economies not covered by bilateral deals. Although Trump has previously suggested the new baseline could be raised to 15 per cent or 20 per cent, he did not specify a new rate on Wednesday.

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