Tariffs, Giorgetti: "Over 10% is unacceptable, the EU must not budge an inch."

Europe, said the Minister of Economy, "is objectively playing catch-up, a little defensive, but a reasonable compromise is too important."

Tariffs above 10% are unacceptable . This was stated by Economy Minister Giancarlo Giorgetti, interviewed via video link for the 165th anniversary of the 'Corriere Adriatico', adding that it is important for the European Union to negotiate "without giving an inch."

After the country had "put its affairs and accounts in order" and regained "credibility" on the markets, with Trump "there has been a rewriting of the economic and political balance," not only in trade relations, but also in terms of "new international taxation, the new role of the dollar and cryptocurrencies," Giorgetti observes. And Europe "is objectively playing catch-up, a bit defensive, but a reasonable compromise is too important; we must negotiate without giving an inch," the minister urges.

According to traders, 10% tariffs would be a "reasonable result , but I believe the Trump administration isn't exactly willing to accept it right now. However, we can't go too far from that number," otherwise the load will be "unsustainable," says Giorgetti, noting that traders have "a set bar for what is bearable and what isn't." Therefore, he insists, "we can think about the 10% between producers and transporters; if we distance ourselves from that, we'll lose markets."

"It is absolutely clear that the economic security of all countries is a factor of national security ," Giorgetti said in response to a question about the EU Commission's rejection of the government's golden power over UniCredit's deal with BPM.

On the subject of the increase in defense spending, Giorgetti stated that "it remains clear that for those involved in politics it is important that this process does not sacrifice social spending, such as healthcare , to which we are firmly committed or at the level of public opinion it is an unsustainable trade-off".