The U.S. backed down on proposed tariffs threatening some Italian pasta makers, slashing duties from up to 92% to as low as 2.26% after preliminary review.
The U.S. is backing off proposed tariffs that threatened to deal a major blow to Italy's pasta industry, reducing duties on several leading producers. After an investigation into allegations that Italian pasta was being sold in the U.
S. at unfairly low prices, officials found exporters had addressed many concerns, prompting a rollback of proposed tariffs on 13 companies, a U.S. Department of Commerce official told Reuters. " post-preliminary analysis indicates that Italian pasta makers have addressed many of Commerce’s concerns raised in the preliminary determination," the official said. "Commerce will continue to engage with interested parties to take into account all information before issuing the final determination." WHITE HOUSE DISPUTES REPORTS THAT ITALIAN PASTA COULD VANISH FROM STORE SHELVES NATIONWIDE Pasta maker La Molisana’s proposed tariff was cut to 2.26%, while fellow producer Garofalo’s was lowered to 13.98%, according to Reuters. The remaining 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 9.09% tariff, the New York Post reported. YEAR IN REVIEW: HOW PRESIDENT TRUMP’S ECONOMIC AGENDA IS SHAPING UP SO FAR The U.S. had previously proposed duties 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 shut them out of the U.S. market, which is worth nearly $800 million to Italian pasta exporters, according to Reuters and The Wall Street Journal. CONSUMERS ARE PAYING THE COSTS FOR TRUMP'S TARIFFS: NEW YORK FED Italy’s foreign ministry said the revised calculations reflect U.S. officials’ recognition of the companies’ "constructive willingness to cooperate." GET FOX BUSINESS ON THE GO BY CLICKING HERE The final rates are expected to be announced March 12, though it could be extended by up to 60 days, according to Reuters. The U.S. Department of Commerce did not immediately respond to FOX Business' request for comment.
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