Italy scrambles to respond as US tariffs threaten economy

Rome, April 4 (SocialNews.XYZ) Italian Prime Minister Giorgia Meloni convened an emergency meeting of ministers as the country's already slowing economy braces for the fallout from the United States' sweeping new tariffs.

"We are conducting and must continue to do a study on the real impact of this American tariff decision, sector by sector. Next week, we will meet with representatives of the production categories to compare their estimates and find the best solutions," Meloni said in an interview with Tg1.

On Wednesday night, US President Donald Trump announced a near-universal tariff regime on imports to the US, shaking global markets and prompting a sharp downturn in international stock exchanges. Most European Union exports to the US will now face a 20-per cent tariff, with certain sectors -- including vehicles, auto parts, steel, and aluminum -- hit with even steeper 25-per cent duties, Xinhua news agency reported.

"It took less than an hour in the White House's Rose Garden ... to turn a hundred years of international free trade into history," said the Italian Institute for the Study of International Politics (ISPI), a prominent think tank.

Meloni spent the day in consultations with key ministers, including Minister of Economy and Finance Giancarlo Giorgetti, Minister for Business and Made in Italy Adolfo Urso, and Minister of Agriculture Francesco Lollobrigida. Foreign Minister Antonio Tajani joined via video link.

Though initially urging caution, Meloni has since taken a more assertive stance. "The introduction of tariffs by the United States against the European Union is a measure I consider a mistake that I do not think benefits any of the parties involved," she said, while still supporting continued negotiations with US officials.

Italian President Sergio Mattarella echoed her concerns, calling the US move "a profound error" and urging "a compact, calm, and determined response."

Source: IANS