Rome: Italian Economy Minister Giancarlo Giorgetti cautioned against imposing retaliatory tariffs on the United States in response to President Donald Trump's decision to enforce sweeping tariffs on trade partners.
Speaking at a business forum in Milan, Giorgetti emphasized the need to de-escalate tensions with the US, stating that they must avoid launching a policy of counter-tariffs that could harm everyone.
He further suggested that to mitigate the potential negative economic impact of the tariffs, the European Union should allow member states to increase spending without breaching the bloc's fiscal rules.
Under Trump's tariff plan, Italy, which holds a significant trade surplus with the US, will face a general tariff of 20 percent.
Last Wednesday, President Trump announced comprehensive tariffs on US imports from various countries to bolster the manufacturing sector.
The tariffs include a 34 percent on imports from China, 20 percent on imports from the European Union, and varying rates on other nations, with a minimum of 10 percent on all imports.
