CERNOBBIO, Italy – Italian Economy Minister Giancarlo Giorgetti warned on Saturday against the imposition of retaliatory tariffs on the United States in response to U.S President Donald Trump’s announcement of sweeping tariffs on trade partners.

Speaking at a business forum near Milan, Giorgetti said Italy was aiming for a “de-escalation” with the U.S.

“We should avoid launching a policy of counter-tariffs that could be damaging for everyone and especially for us,” Giorgetti said.

Under Trump’s plans Italy, which has a large trade surplus with the United States, will be subject to a general tariff of 20% along with other European Union countries.

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