US imposes 30% tariffs on Orsini goods
In a strong condemnation of US tariffs, Confindustria President Emanuele Orsini described the current situation as a "dark hour" for European companies, jobs, and the economic and social viability of the EU. This statement was made at the NuclearFuture conference held in the Chamber of Deputies.
At the conference, Orsini presented estimates for the economic impact of tariffs. According to his calculations, a 10% tariff could result in an economic impact of 17.6 billion, while a 15% tariff could lead to an impact of 22.6 billion. If the tariff were to rise to 20%, the estimated economic impact would be 27.6 billion. Orsini also stated that a 30% tariff would have an economic impact of 37.5 billion.
Orsini viewed the US tariffs as part of a strategy aimed at the deindustrialization of Europe, threatening founding Western democratic values like the social pact between business and labor. He called for urgent European strategic responses, suggesting the need to cut red tape, shift the Clean Industrial Deal towards growth rather than degrowth, and establish a clear industrial plan for European economic and social growth.
In addition, Orsini emphasized that the combined burden of US tariffs (potentially at 30%) and the euro-dollar exchange rate effect (around 13%) amounts to roughly a 43% cost increase. He stated, "For us, the exchange rate is already a tariff," highlighting how currency dynamics exacerbate the economic impact beyond just tariffs.
Orsini also warned about the inflationary effects tariffs have on prices for goods and materials, citing recent economic policy uncertainty in the US as the cause of a global spike in uncertainty.
Confindustria plans an operation to bring top Italian companies to the US, aiming to counteract the negative effects of US tariffs. For feedback regarding this information, please contact english@our website.
[1] European Strategic Responses Needed to Counteract US Tariffs, Orsini Says [2] Orsini Warns of Inflationary Effects of US Tariffs on European Industry [3] Orsini Criticizes US Tariffs as Threat to European Deindustrialization and Democratic Values
- In light of his criticism towards US tariffs as a threat to European deindustrialization and democratic values, Orsini suggested that other industries outside of manufacturing, such as finance, should be prepared for potential economic impacts.
- As currency dynamics and exchange rates amplify the economic impact of US tariffs, Orsini called on European financial institutions to collaborate in developing strategic responses, aiming to mitigate the combined burden on various sectors including industry.
