On Friday the “full” duties will return to the whole world, while the quarterly data of Italian GDP already mark a contraction
In the background of the Turnburry Agreement Between the United States and the European Union, for which the first critical issues have already arisen in the interpretation of the agreement, the final date of 1 August approaches. Friday, in fact, The rates imposed on April 2 in the Liberation Day they will return to force: “On August 1st, a big day for America!”, It was the comment of Donald Trump.
Among the countries that will increase the duties on their assets exported to the US there will be India. To announce it, in his own way, was Trump himself, who wrote on social networks: “Although India is our friend, over the years we have entertained relatively limited commercial relations with it because its customs rates are too high, among the highest in the world”, according to the tycoon He also complains that Nuova Delhi has “always purchased most of his military equipment from Russia and is the largest energy buyer in Russia, together with China”, Trump therefore announces that “India will pay a 25%rate, plus a penalty for the above. (Economic relations with Russia, ed)starting from August 1st».
From this part of the Atlantic, meanwhile, today the data relating to the economic growth of Italy have been published by Istat in the second quarter of 2025. And the duties already seem to be heard, after a slight growth of 0.3% in the first quarter, in fact, in fact, In the period April-June, the Italian economy recorded a contraction of 0.1%.
From the preliminary data available, it is clear that the manufacturing sector was mainly to weigh, with extra-EU foreign trade which in the first six months of the year saw a 25.5% contraction compared to 2024, going from a positive balance of 32.7 billion last year to the current 24.4. Certainly, starting from the Liberation Day, the 10% rates imposed on products around the world played an important role.
In United States Excellent news on the economic front arrived, The gross domestic product grew by 3% in the second quarterbouncing after the abrupt drop recorded in the January-March period (-0.5%). If the drop in the first quarter was to be attributed to the race of the American industries to avoid duties, which has increased imports causing a record commercial deficit, this time The strong rebound is to be attributed to the fact that the American commercial deficit of assets, notoriously high, has descended to the lowest level of the last two years in June.
Less purchases from abroad, less money that comes out and greater wealth that remains in the United States. The president Trump he immediately commented on the excellent data, writing on social media: «Just published the GDP figure for the second quarter: 3%, much better than expected! “Too Late” (The nickname given to the head of the Federal Reserve Jerome Powell, ed.) must cut interest rates! No inflation! Let people buy and finish their homes! “
In short, chaos duties is having repercussions all over the world. One of them was The trade war between China and the USAmade of prohibitive three -digit rates and prohibitions to export critical materials, by American semiconductors and software licenses for the design of chips, on the Chinese rare lands and critical magnets for industry hi-tech and American car.
The interviews between the Chinese and American delegation, conducted in Sweden between Monday and Tuesday, confirmed the break in the rates for another 90 days (which remain at lower levels of 30% on the side and 10% on the Chinese side) and the resumption of exports of the related critical materials decided in the previous interviews of Geneva and London.
As announced by the Treasury Secretary Scott Bessent: «A good personal relationship is being established, based on mutual respect. I think we now understand their goals much better ». The head of the Chinese delegation is also positive Li Chronggangaccording to which “the two teams will maintain an active communication, will exchange opinions on issues in a timely manner and continue to promote the stable and healthy development of bilateral economic and commercial relations”. The agreement reached now requires only the definitive green light of the two presidents, following which the truce will be prolonged until 12 November.
