High U.S. Tariffs Could Cost Italy $23.6 Billion In Exports, 118,000 Jobs

The risks tariffs pose to the global economy are becoming increasingly tangible.

It has been proposed that 10% tariffs would be economically unsustainable for Italy.

For Italy, the macroeconomic pressures stemming from President Trump’s trade policies are cause for concern, with the head of the country’s main industry lobby warning that Italy could lose around $23.6 billion in exports and 118,000 jobs if the U.S. imposes 10% tariffs, Jenny McCall reported for Yahoo Finance.

“Italy does not just export luxury products—which face relatively inelastic demand—but mainly machinery, means of transport, and leather goods,” said Confindustria President Emanuele Orsini in an interview with Il Corriere della Sera, Reuters also reported.

Italian Prime Minister Giorgia Meloni has downplayed the impact of such tariffs on domestic businesses, suggesting they would not be severely damaging.

Orsini, however, warned that the proposed 10% tariffs would be economically unsustainable for Italy. When factoring in the depreciation of the U.S. dollar against the euro—amounting to 13.55% since Trump’s election—the effective duty would be closer to 23.5%, he said.