The world economy is earthquaker from USA duties imposed by Donald Trumpand then largely suspended, and by the threat of wars commercial global. Large Italian companies seek new outlets and the SMEwhich planned investments in the context ofinternationalizationthey fear they have to pay their own interventions again. But in addition to the duties, the production world must also deal with the energy crisis and with the objectives of decarbonisation.
Quifinance discussed critical issues and opportunities for Italian SMEs with Carlo RussoCEO and Founder of AffarieSteri.itdriving a group of experts who takes companies by the hand in order to guide them in the growth and internationalization processes. Russian, net of the new challenges, expresses confidence in the skills of the Italian productive fabric.
What are the impacts of the new US duties on Made in Italy?
The duties are nothing but one instrument negotiationsince Donald Trump has no interest in increasing the price of goods in the United States. The highest customs rates, therefore, are rather functional to embark on a negotiation with other countries.
Trump justified the introduction of duties by bringing up the deficit commercial Between the USA and the EU countries, and we will suffer it but only up to a certain point since, to date, the duties concern only steel And aluminum. We also remember that such duties were already included by President Trump in his first term, when they were justified not as commercial measures, but as a choice due to the protection of national security. And the question, today, according to its point of view, has not changed at all. Duties on steel and aluminum, of course, reverberate on all derivative products such as cars.
However, it is appropriate to make some clarity regarding the increase in Dice at 20%: this does not mean that if a product before the duties cost 100 euros, after cost 120. This rate is not applied to the final cost of an asset, but to his cost initial. Let’s assume, for example, that a product that we find on the shelf of a shop costs 100 euros: its cost per origin is 30 euros, which with the duties rises to 36. Consequently, with a mathematical application of the increase, the buyer will have to pay about 106 euros, unless of course the manufacturer has not been able to contain the costs of the supply chain.
Let’s not forget that, for us Italians, the US market is not outlet for basic necessities such as bread. We export excellence of food and wine, but also very luxury. And I doubt that an Italian luxury machine with a list price of $ 500,000 suddenly stops being purchased because its cost has risen to $ 530,000. The same applies to wines and other goods. I do not foreseesummarizing the sums, those catastrophic implications that someone has proposed on the export of Made in Italy.
Abroad, with us, they expect quality. For my part, I am proud to bring the tricolor around the world, because Italians generally have that extra gear that makes the difference, especially in relation to problem solving. In most cases we are an excellence. For this I allow myself to feel optimistic And confident. We will have to learn to have that same consideration that foreigners have of us.
How could commercial relations between the EU and the US evolve?
The goal to which the Italian government points, which is then the same to which the EU is aiming, is that of the zero duties on both sides. This solution is desired by Elon Musk himself, Trump’s leading adviser.
What opportunities and risks do they involve duties for Italian SMEs?
More than risks related to duties, for Italy I see many critical issues related to lack Of global competitiveness due to the high costs of energy.
In January, Trump announced theEnergy emergency in the United Statesincreasing the production of hydrocarbons including also the Gnl that we import. This should partially calm the cost of energy in our country. The EU must import more gas from the USA, to replace the lower supplies from Russia, in accordance with the narrow imposed by Brussels. However, the winter has passed, the price ofenergy could be diminish significantly.
The current scenario, of course, does not translate automatically into the end of the Green Deal. You are only moving from slightly more ideological positions to slightly more practical positions, making sure that the energy renewablesto complete the batteries, become more competitive on hydrocarbons and in particular on gas. The challenge is significant: we think that to hit the 2030 decarbonisation goal we will have to invest, in the next five years, six times what we have invested in the last ten.
Compared to the decarbonisation node, what are the challenges on the horizon?
In Europe we set ourselves the goal of Reduce emissions by 50% in 2030. It is a achievable goal, but as long as you operate the massive investments proposed. And there are some critical issues: for example, the authorizations arrive with a speed that has been missing until today. And it is necessary to find the capital to invest.
The Italian government is also starting to talk about nuclear power, also in relation to artificial intelligence that consumes enormous quantities of energy. Italy serves the fact that she had referendums in which citizens have turned their backs on nuclear power, but if the decarbonisation objectives in 2050 remain confirmed, it will be extremely difficult to reach them without nuclear power.
Another fundamental area on which I would dwell is the supply of rare lands. Recall that we are the second industrial power in Europe. With regard to the fact that most of the minerals and rare earths are concentrated in Africa, I believe that the Floor Mattei It may certainly be of help, as long as his management is confirmed.
And, in the recovery of raw materials, great attention will be given to the management of waste and at power plants geothermalpoints on which we are rather behind. In the subsoil there are the raw materials that we need, but also energy: we could therefore find the meeting point between the extraction of geothermal energy and the recovery of those minerals we need, with a view to a perfect one economy circular. Think, for example, of the silica: it is a waste material in the geothermal extraction process, which indeed creates damage because it affects its pipes. If, on the other hand, it could be taken would turn into a resource.
What practical advice would it give to Italian companies that want to internationalize in this context?
It certainly serves to aim to strengthen one’s own structure. And they need right people in key places who are able to make strategic decisions. As I also write in my book (Winning internationalization: how to start a corporate internationalization process effectively starting from scratch For Bruno Editore, editor’s note), I call it “Governance of internarationalization“.
Our industrial apparatus is certainly not comparable to the German one, since we have large groups relatively few. In Italy, companies that in terms of turnover exceed the parameters of the SMEs, relating to model And structureHowever, SMEs remain in the actual management. There governancein other words, it is mostly of the type family.
In the internationalization process, the state helps SMEs adequately or could it be more?
The instruments arranged by the State for the internationalization of SMEs are certainly useful and effectivebut I’m at the same time little known and of difficult approachespecially for smaller companies. They would therefore be optimized in terms of communication and ease of access.
I also add that one of the most frequent critical issues that face the SMEs that intend to internationalize derives from non -knowledge from the culture of the country where you are aiming to operate. Most of the time trivial times can be circumvented knowing local culture in depth.
