...In May, the growth in exports to the United States almost came to a standstill, falling from 11% in the first quarter of the year to a modest0.4%, with marked declines for some of the main Made in Italy products: extra virgin olive oil fell by 17%, the same percentage for tomato puree, while cheese lost 4%. Only wine bucked the trend, with a slight recovery (3%) after the drop recorded in April. “Rising duties, inflation in the US and the devaluation of the dollar are making our products less competitive. If it really comes to 30% on food tariffs, the blow to our economy will be very heavy,’ said [Ettore] Prandini (President of Coldiretti).
Obviously tariffs, even at 15%, will not improve the situation.
Drafted 23 July, updated 24 July 2025
