Italian exporters are actively seeking market diversification to tackle the uncertainty brought by U.S. tariff policies, said participants of the Asian Development Bank (ADB)'s annual meeting held in Italy from Sunday to Wednesday.
The participants, many of whom prominent business figures in Italy, expressed their concerns over the frequently changing tariff policies of the United States, which has triggered anxieties among Italian exporters.
"There is no doubt that Italian businesses are very anxious. The current situation is complex, evolving rapidly, and the future remains uncertain. We have already learned about the unease among companies, especially those heavily reliant on the U.S. as a primary export market. Industries linked to luxury goods and high-end brands will surely be severely impacted," said Valeria Centinaro, head of the International Projects Department of Promos Italia.
In the wake of the U.S. announcing reciprocal tariffs, Italy's Ministry of Foreign Affairs and International Cooperation has underscored the need to consolidate traditional European and American markets while venturing into the most promising emerging markets in Asia, Latin America, and Africa.
Amedeo Scarpa, director of the Italian Trade Agency's Foreign Network Department, said that as international trade is facing mounting uncertainties, the Italian government will roll out measures to further diversify the country's export markets.
"During this period when the international market is full of uncertainties, diversifying target markets is crucial for Italian businesses. This includes geographical diversification of markets. We have identified key markets to fortify traditional ones, with a particular focus on Asian markets, including China," he said.
Italian exporters in new effort to diversify markets facing U.S. tariffs impact
