“The Big Money Show” panel discusses President Donald Trump’s push for an economic boom by 2026 as inflation cools, wages rise and tariffs raise billions in revenue.
The US is backing out of proposed tariffs that threatened to deal a major blow to Italy’s pasta industry, cutting duties on several leading producers.
After an investigation into allegations that Italian pasta was sold at unfairly low prices in the U.S., officials found that exporters had addressed many concerns, prompting the rollback of proposed tariffs on 13 companies, a U.S. Commerce Department official told Reuters.
“[Our] A post-preliminary analysis shows that Italian pasta producers have addressed many of the industry concerns raised in the preliminary decision,” the official said. “The industry will continue to work with interested parties to take into account all information before reaching a final decision.”
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Packages of pasta imported from Italy at a Houston supermarket. (Ronaldo Schemidt/AFP via Getty Images/Getty Images)
According to Reuters, pasta maker La Molisana’s proposed tariff was reduced to 2.26%, while that of fellow producer Garofalo was reduced to 13.98%.
The other 11 pasta makers: Agritalia, Aldino, Antiche Tradizioni di Gragnano, Barilla, Gruppo Milo, Pastificio Artigiano Cav. Giuseppe Cocco, Pastificio Chiavenna, Pastificio Liguori, Pastificio Sgambaro, Pastificio Tamma and Rummo now face a rate of 9.09%, the New York Post reported.
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Packets of Barilla pasta in a supermarket in Rome, September 27, 2013. (Tony Gentile/Reuters/Reuters)
The US had previously proposed tariffs of up to 92% on Italian pasta makers, on top of a 15% tariff applied to most European Union imports, Reuters reported.
Several companies warned at the time that the proposed tariff increases could effectively lock them out of the U.S. market, which Reuters estimates is worth nearly $800 million to Italian pasta exporters. The Wall Street Journal.
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A worker at the factory of Italian pasta maker De Cecco prepares pasta in Fara San Martino, Italy, November 29, 2021. (Reuters/Remo Casilli/File Photo / Reuters)
Italy’s Foreign Ministry said the revised calculations reflect U.S. officials’ recognition of the companies’ “constructive willingness to cooperate.”
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The final rates are expected to be announced on March 12, but could be extended for up to 60 days, according to Reuters.
