Key Points
Italy's $8.5B US agricultural exports most vulnerable to tariffs
Tuscany and Sardinia regions will suffer major economic impact
Wines, cheese, and olive oil exports most at risk
The Confederation of Italian Farmers, best known as CIA-Agricoltori Italiani, said Wednesday that Italian agriculture sector exports to the US were higher than those from other European countries, Xinhua news agency reported.
CIA-Agricoltori Italiani said that Italy exported 7.8 billion euros ($8.5 billion) last year, accounting for around 12 per cent of Italy's total agricultural sector exports. That is more than the 6.7 per cent of France's US agricultural exports, or the 4.7 per cent from Spain and the 2.5 per cent from Germany.
Italy reported an overall trade surplus with the US last year of 39 billion euros. The US is by far the top non-EU destination for Italian products and the second overall behind Germany.
Cristiano Fini, CIA-Agricoltori Italiani's national president, called for diplomatic efforts aimed at avoiding the implementation of the threatened US tariffs, which could enter into force on April 2.
"Strong diplomatic action is needed to find a solution," Fini said in a statement. "Italy can and must be a leader in Europe in the opening of a negotiation with (US President Donald) Trump since we have the most to lose."
The CIA-Agricoltori Italiani said the Italian regions of Tuscany and Sardinia would feel the biggest impact of the levies, with high-end wine, pecorino cheese, and olive oil among the exports that could suffer the most.
