FX.co ★ Italian Stocks Decline on Trump’s Expansive Tariffs

The FTSE MIB Index futures experienced a decline of 1.7%, dropping below the 38,000 mark on Thursday. This downturn followed the announcement by U.S. President Donald Trump of comprehensive global tariffs. President Trump introduced a 10% baseline tariff on goods from all nations, coupled with increased tariffs on certain major trading partners. Notably, a 20% duty was imposed on imports from the European Union. Additionally, the 25% tariffs on imported vehicles have now come into effect. President of the European Commission, Ursula von der Leyen, stated that the EU is ready to implement countermeasures should negotiations with the United States not succeed. On Wednesday, Italian Prime Minister Giorgia Meloni and Italy’s leading business federation cautioned that the U.S. tariffs could significantly affect the nation’s exports and further challenge its already fragile economy. Economically, market participants will closely scrutinize Italy’s PMI data to gain insights into the current state of the Italian economy.