It remains operational for specific queries and reserves the right to convene further meetings regularly or in response to significant developments

Following the initial meeting convened by Italian Minister Antonio Tajani on 28 July with the agencies of the Italian economic system – ITA, SACE, SIMEST, and CDP – as well as the main national trade associations, a Tariffs Task Force has been established at the Ministry of Foreign Affairs and International Cooperation.

Equipped with a dedicated phone line and email address, the Task Force held its first technical meeting yesterday, attended by approximately 70 business and trade associations.

While awaiting the finalisation of the EU-US Joint Declaration and the agreement expected to provide a more stable framework for the new transatlantic trade relations, the contents of the Executive Order signed by President Trump on 31 July were presented (see AVIONEWS). The new tariffs will come into force seven days after the issuance of the Executive Order, namely on 8 August.

In particular, specific clauses were explained, such as the one stipulating that for goods in maritime transit or stored for commercialisation prior to 8 August, the base tariff of 10% will remain applicable until 5 October 2025. Another clause foresees a tariff increase of up to 40% in the case of triangular transactions aimed at circumventing tariffs, involving countries subject to lower duties than those applied to the EU. It was also clarified that the European Commission will launch, as of today and under an urgent procedure, the suspension of EU countermeasures, which were set to enter into force on 7 August. EU Member States will then have 14 days, until 12 August, to validate the suspension.

The ensuing discussion provided an opportunity to clarify the implications of the Executive Order for Italian businesses, as well as the prospects for the continuation of negotiations between the EU and the United States.

The Task Force remains operational for specific queries and reserves the right to convene further meetings regularly or in response to significant developments.

See for details AVIONEWS.