BUSINESS Italian food exports to U.S. to drop 20 pct due to tariffs on EU products: report


Italian food exports to U.S. to drop 20 pct due to tariffs on EU products: report


08:21, October 19, 2019


(File photo: VCG)

ROME, Oct. 18 (Xinhua) -- The Italian food and agriculture sector will suffer a 20 percent drop in exports to the United States because of the new tariffs imposed by U.S. on the European Union (EU) products, Italian farmers' association Coldiretti estimated in a report on Friday.

The United States started on Friday to impose tariffs on European products worth 7.5 billion U.S. dollars, of which, according to Coldiretti, about 500 million U.S. dollars' worth will be related to Italy's celebrated Parmigiano Reggiano and Gorgonzola cheeses as well as cold cuts, citrus fruits, juices and liquors.

For example, the tariff on Parmigiano Reggiano and Grana Padano cheeses will jump from 2.15 to 6 U.S. dollars a kilo, meaning that U.S. consumers will have to pay over 45 U.S. dollars a kilo -- up from 40 U.S. dollars currently -- for the celebrated cheeses, which are essential ingredients of Italian cuisine, according to the association.

Italian President Sergio Mattarella, who is on an official visit to the United States, said in a statement after his meeting with U.S. President Donald Trump on Oct. 16 that Italy wants negotiated solutions and "trade tensions benefit no one", adding that "We believe that mutually imposing trade tariffs is counterproductive and damaging to both our economies."

In a statement, Coldiretti President Ettore Prandini commented that "while it is important to keep the negotiation channel open, it will be necessary to act as soon as possible to boost the promotion of Italian agricultural products in third countries and to extend aid to farmers, who are at risk of being subjected to the effects of a perfect storm between U.S. tariffs and Brexit."

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