Key Points
Mattarella denounces tariffs as market barriers hurting exports
EU commemorates Treaty of Rome with integration discussions
Calls for EU reforms alongside defense of open markets
Speaking at an event in Rome on the 68th anniversary of the signing of the Treaty of Rome, Mattarella stressed the importance of open markets. "Open markets satisfy two vital interests: peace and our essential export interests. Tariffs create market barriers, distort trade, and penalize quality products. This is unacceptable to us, and should be unacceptable to all countries," he said.
The treaty, which laid the foundations for the European Economic Community and ultimately the European Union, was commemorated amid discussions about the future of European integration and international trade, Xinhua news agency reported. Mattarella expressed "great hope that common sense prevails" in the face of potential tariff escalation.
He underscored the importance of upholding fair rules. "We must remain calm without feeding excessive concerns. The European Union has the strength to intervene calmly and authoritatively to counter any unjustified decision such as the imposition of tariffs," he noted.
Recalling on the historical significance of European integration, Mattarella called for renewed confidence in Europe's future while also emphasising the need for reform.
"The fact that the EU is a model imitated around the world testifies to its extraordinary success. However, it still faces shortcomings, such as the need for faster decision-making processes. We need quick and timely answers. Europe must renovate itself," he said.
Last week, British economist John Ross said that the US President's recent tariff policies will negatively impact the US economy.
"The only issue with the tariffs is which combination of bad effects will you have," said Ross, also the former Director of Economic and Business Policy for the Mayor of London.
The short-term impact will be inflation as the tariff puts up the price of imported goods, and it also means that American companies in the same industries may raise their prices because their international competitors' prices have gone up, said the economist.
