403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
US Reduces Proposed Tariffs on Italian Pasta Producers
(MENAFN) The US Commerce Department has retracted proposed tariffs on pasta from over a dozen Italian manufacturers, abandoning measures that would have almost doubled the prices for numerous brands.
According to Italy's Foreign Ministry on Thursday, the department has sharply lowered a suggested duty on 13 Italian pasta makers, cutting the rate from a maximum of 92% to as little as 2.26%.
These tariffs would have been added to the existing 15% duties already applied to most European Union imports.
US President Donald Trump had threatened to enforce tariffs as high as 92% on Italian pasta, claiming that 13 producers, including Barilla, La Molisana, and Pastificio Lucio Garofalo, were selling at "unfairly low prices."
Under the initially proposed 92% tariffs in October, Italian pasta would have faced a total levy of 107%, on top of the existing EU tariffs of at least 15%. The revised rates, however, reduce the combined total to roughly 24%-29%.
Italy exports an estimated $770 million worth of pasta to the US annually.
The Commerce Department told a news agency that the final tariffs, set to be announced on March 12, are the outcome of an investigation into alleged underpricing and were decreased after evaluating additional comments submitted following its preliminary decision.
According to Italy's Foreign Ministry on Thursday, the department has sharply lowered a suggested duty on 13 Italian pasta makers, cutting the rate from a maximum of 92% to as little as 2.26%.
These tariffs would have been added to the existing 15% duties already applied to most European Union imports.
US President Donald Trump had threatened to enforce tariffs as high as 92% on Italian pasta, claiming that 13 producers, including Barilla, La Molisana, and Pastificio Lucio Garofalo, were selling at "unfairly low prices."
Under the initially proposed 92% tariffs in October, Italian pasta would have faced a total levy of 107%, on top of the existing EU tariffs of at least 15%. The revised rates, however, reduce the combined total to roughly 24%-29%.
Italy exports an estimated $770 million worth of pasta to the US annually.
The Commerce Department told a news agency that the final tariffs, set to be announced on March 12, are the outcome of an investigation into alleged underpricing and were decreased after evaluating additional comments submitted following its preliminary decision.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment