The US tariffs are back in the news. But this time, Italy’s business leaders say the real danger isn’t just taxes on goods. It’s the falling value of the dollar.
At a conference in Rome, Emanuele Orsini, head of Confindustria (Italy’s biggest business lobby), said Europe is already in trouble because of the euro’s rise against the dollar. Since January, the euro has gained over 12%.
That may sound good, but it’s bad for exports.
Here’s why: when the euro is strong and the dollar is weak, Italian products become more expensive for American buyers. That means fewer sales for Italian companies.
And now, US President Donald Trump wants to make things worse.
On Saturday, Trump said he might slap a 30% tariff on EU imports starting August 1. That includes goods from Italy. European officials say this move could destroy fair trade between the two sides.
According to Orsini, every 1% tariff could cost Italy €874 million in lost exports. If Trump goes ahead with the 30% rate, Italy could lose €37.5 billion. And that’s not even counting future losses if the dollar keeps dropping.
Orsini also warned that Trump’s real goal may be deeper: to push Europe’s big companies to move to the US. With tariffs and currency problems, doing business in Europe could become too expensive.
The Confindustria chief called for the European Union to step in and protect its economy. He said the only acceptable tariff level from the US should be zero.
He’s not wrong. The numbers show that Italian businesses are already suffering. A strong euro may sound powerful, but in global trade, it can hurt.
So the combo of a weak dollar and US tariffs? It’s like fighting with both hands tied. Italian companies are losing ground fast, and if the EU doesn’t act now, the damage could be long-term.
The message is clear. Italy doesn’t just need better trade deals. It needs a stronger strategy to keep its companies at home — and alive.
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