Tariff Tensions: EU and US Trade Relations in Jeopardy
Italy's business lobby emphasizes the adverse impact of potential U.S. tariffs on EU exports due to an already strong euro. Confindustria President Emanuele Orsini highlights the exchange rate and anticipated further euro appreciation as critical concerns, urging the EU to defend its economic interests.
The head of Italy's business lobby has issued a stark warning against any tariffs on European Union exports to the United States, branding zero as the only acceptable tariff level. This call comes amid the euro's significant appreciation against the dollar, a situation seen as detrimental to EU exports.
Confindustria President Emanuele Orsini highlighted that since the start of the year, the euro has surged by over 12% against the dollar, with projections indicating further rises. Orsini labeled the dollar's devaluation as the world's most significant, predicting it could reach a 20% increase, adding unparalleled complications to any potential tariff imposition.
Orsini's comments come after U.S. President Donald Trump threatened a 30% tariff on imports from the EU and Mexico, a move deemed unacceptable by EU officials. Confindustria warns that each percentage point of U.S. tariffs translates to substantial losses for Italian exports, urging a strategic plan from the EU to protect its business interests.
(With inputs from agencies.)
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