Milan, 11 July (LaPresse) – "A further significant source of uncertainty concerns the tariffs that will actually be applied by the United States. The projections assume that the measures currently in force will remain in place, which would subtract half a percentage point from growth in the euro area between 2025 and 2027, with limited effects on inflation. Higher tariffs and prolonged uncertainty over trade policies would have much worse effects on growth and could influence inflation dynamics." This was stated by the Governor of the Bank of Italy, Fabio Panetta, in his speech at the meeting of the Italian Banking Association (ABI) at Bocconi University in Milan. ‘A sharp decline in US demand for European products and the reorientation of Chinese goods towards our markets would exert downward pressure on prices. In extreme scenarios, however, the tightening of customs barriers could fragment global production chains, increasing production costs and fuelling inflation,’ Panetta stressed.