Italian Producers Could Lose $200M if U.S. Tariffs Approved, Trade Group Warns

Jul 18, 2019 141

The Italian Association of the Olive Oil Industry (Assitol) has warned that producers in the country could lose up to $200 million a year if American tariffs on olive oil imports from the European Union are approved. Anna Cane, Assitol’s president, said that exports to the United States could fall by as much as 50 percent if the World Trade Organization (WTO) approves the proposed tariffs. The governing body for international trade is set to make its decision later this summer on whether to approve some or all of the proposed tariffs.

“If the United States Trade Representative (USTR) office acted in accordance with these first indications, imposing ad hoc taxes, the entire chain of supply would suffer serious damage,” Cane said. “In fact, with a tax on 100 percent of the product, the price of extra virgin olive oil would [double], which would be unsustainable for the U.S. consumer and, therefore, induce buyers to look for olive oil elsewhere or identify alternative oils,” she added.

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SOURCE: https://www.oliveoiltimes.com

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