Giovanna Ceolini on the 15% US tariffs on the EU: ‘It’s the lesser evil’

“The US administration’s decision to set tariffs at 15% on imports from the European Union, which also includes products from the companies we represent, is the “lesser evil” we can face. Although less punitive than the initial proposals for even higher tariffs, this decision will still have an overall negative impact on the fashion accessories sector: we must remember that the weakening of the dollar is already a contributing factor. The risk is that it will slow down investment, employment and growth at a time when the economic and geopolitical situation is already fragile.” – said Giovanna Ceolini, President of Confindustria Accessori Moda.

Tariffs on imports from the European Union are a significant burden on the sector, significantly affecting company margins and the competitiveness of Italian companies in the United States, one of the key markets for Made in Italy exports.

The fashion accessories sector – which includes footwear, leather goods, tanning and fur – exported almost €3 billion worth of goods to the United States in 2024. This performance, despite a slight decline of 3.5% compared to 2023, demonstrates the strength of Italian exports.