The president of Farmindustria Marcello Cattani explained to the press agency Adnkronos the possible impact of duties on the pharmaceutical sector Italian. The drugs are the second Italian export in the USA for value itself position that it covers in the general context of exports from our country.
Not only the duties weigh, but also the progressive devaluation of the dollar on the euro, which is making it more difficult to export to the country. The added costs could reach 4 billion dollars every year.
The costs of the duties at 30% of Trump on drugs
The alarm of Cattani The day after the publication of the letter with which the US has made official with a letter that, at the end of August 1st, the goods of the European Union imported in the United States will suffer will be publicated duties of 30% of their value. This is the fourth different announcement in a few months by the Trump Administration:
- On April 3, Trump threatened “mutual” duties of 20% to the EU;
- On April 7 the duties entered into force and were suspended after a few hours;
- The new date for the entry into force of the duties was moved to 9 July;
- A few days after the deadline, Trump moved the date of the entry into force on 1 August;
- In July Trump threatened 50% duties for the European Union;
- Finally, the letter of July 12 speaks of 30%duties.
An alternation of announcements, decisions, retreats and postponements that gave birth to the term journalistic Taco (Trump Always Chickens Out, Trump always retires), to define the strategy of the White House on the duties. The various industrial sectors, however, remain awaited and worried, as explained by the president of Farmindustria:
30% duties could weigh beyond 4 billion euros For the Italian pharmaceutical sector, considering the current devaluation of the dollar.
The pharmaceutical industry in Italy
Although they are not, in the collective imagination, a typical product of Made in Italy, drugs represent the second export for the value of our economy after industrial machinery. In 2024 Italy exported 55.6 billion dollars in drugsmore than cars (47 billion) and more than double the food and drinks (23 billion).
Of these, about 10 billion dollars In pharmaceutical products they are exported every year to the USA. The only 30% duties would cost 3 billion dollars, to which the continuous devaluation of the dollar must also be added. Since Trump started his commercial policy, more and more institutional investors (banks, states and central banks) have been abandoning the dollar in favor of other currencies, such as the euro.
For this reason, the value of American currency is falling despite the central bank of the USA, the Federal Reserve, is keeping rates very high. This makes it easier to export to the country, but also much more expensive import.
The nightmare 200%
On the pharmaceutical industry, however, another announcement of Trump also weighs, ventilated in recent days and then fell as often happens in the void. The President of the United States hypothesized that it could impose duties at 200% specifically on pharmaceutical products.
It would be, even if it materialized, of a measure to be applied in the remote future, given that Trump himself said he wanted to leave time to the companies of “move to the United States“Before imposing customs rates.
