Milan, 2 July (LaPresse) – Regarding the 10% US tariffs on European goods, "if I said they were sustainable, I would be underestimating the impact. Let's be realistic: we are not talking about 10% tariffs, but 23.5%. We must also take into account the devaluation of the dollar, which is 13.5% lower than when Trump took office. A product that an Italian company sold in the US for £100 a year ago now costs our American customer £123." This was stated by Emanuele Orsini, president of Confindustria, in an interview with Corriere della Sera. ‘If the threat is 50% tariffs from 9 July, that does not mean that 10% tariffs are sustainable. We fear very serious repercussions,’ said Orsini, adding that ‘with 10% tariffs in 2026, we risk losing 20 billion in exports and 118,000 jobs.’ ‘The fact is that Italy does not only export luxury products, with demand that is not very sensitive to price: we mainly export machinery, transport equipment, leather goods… you cannot simplify things too much,’ he stressed.