7 hours ago“Positive, but we're waiting for details” Mellon reacts after the US trade deal
Periskopi(a year ago)
(a year ago)Italian Prime Minister Giorgia Melon has reacted after the new trade agreement reached between the European Union and the United States, which established a unified rate of 15% tariffs, avoiding escalation of a trade conflict. “I positively judge that there is a” agreement, Melon said, but I cannot appreciate the merits without knowing the details”, [...]
“ Periscope.
The head of the Italian government described the deal as a significant result of European diplomacy and stressed that it is stable only if it includes lifting existing tariffs.
At the same time, Melon sought guarantees for Italian sectors that could be hit by the agreement and made it clear that the Italian government is willing to offer support at the national level, while the European Union is expected to take measures as well.
In a joint statement with Deputy Prime Ministers Antonio Tayan and Matteo Salvin, Melon stressed the importance of the followed approach, avoiding “face-to-face confrontation” and preserving dialogue as the primary tool.
In Italy's focus remains the protection of exports “Made in Italy”, including products of high symbolic and economic value such as wine, cheese, luxury products, design and fashion.
For these sectors, which are not yet clear whether to be included in the zero-rate exemptions list, Mellon has expressed its intention to lobby strongly on European tables.
Meanwhile, increased tension is also significant in the world of Italian entrepreneurship.
The Federvini Association has expressed “strong concern” for possible consequences, while the CNA and Legacop Agroliamentary have considered the “disappointing” for the agro-food sector.
But despite diplomatic efforts, challenges for Italian exports remain.
One important factor is the euro-dollar exchange rate, which currently favours European currency.
According to economist Carlo Cottarelli, devaluation of the dollar against the euro has a negative impact of about 20% on the competitiveness of Italian goods on the American market.
According to the Konfindustria Research Centre's simulations, combining new tariffs with dollar decline could cause a decline in Italian exports to the US to 22.6 billion euros in 2024.
