European furniture and lighting manufacturers are warning of severe economic fallout if proposed 30 percent US tariffs on EU exports come into effect from 1 August. Italian industry leaders say the move could trigger job losses, rising prices and reduced market share in the US, a key market for the sector.
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Claudio Feltrin, president of FederlegnoArredo, described the tariff plan as "alarming" and warned of "industrial desertification" across Europe. The lighting sector also faces added pressure from existing 50 percent tariffs on aluminium and steel.
Companies like Foscarini, Dexelance and Cassina are adjusting prices or issuing "custom tariffs" declarations, but uncertainty around the US dollar and trade policy is straining business planning. Confartigianato estimates €17.8 billion in Italian SME exports are at risk.
Despite a weakening Chinese market, the US remains Italy's largest non-EU trade partner, accounting for 10 percent of exports. The European Commission has warned the tariffs "would disrupt essential transatlantic supply chains."
While the EU considers negotiation options, Italian brands like Giorgetti and Boffi|DePadova say they remain committed to the US but are closely monitoring developments. Economists caution that any growth in new markets, such as the Middle East, may not offset losses in the US.
Source: www.msn.com
