Trade levies could dent growth, warns Italian industry

ROME — A proposed new round of tariffs by the United States could result in a 38-billion-euro ($44.4 billion) loss in Italian exports and reduce the country's gross domestic product by 0.8 percent by 2027, Italy's largest industrial association said on Monday.

The findings were published in a report by the research unit of Confindustria, Italy's principal business lobby, amid concerns over rising protectionism and its spillover effects on the global economy.

US President Donald Trump has threatened to triple the basic tariff on imports from the EU to 30 percent if Brussels does not cut a deal by the end of the month.