In Italy, Donald Trump's a major concern for Parmesan producers
With three weeks to go before his return to the White House, Donald Trump has European markets in a panic. For good reason, the American president-elect recently expressed his desire to increase customs duties.
In Italy, all Parmesan cheese producers are concerned by this increase. Many of them, particularly in the Bologna region, ship their stock to the American continent. The rate of shipment has been stepped up; the products are due to arrive before the end of the year, and Donald Trump's inauguration.
For the Granarolo company, exports of grinding wheels have risen by 30% since November, giving them a head start in the event of a tax increase, reports Franceinfo. Gianpiero Calzolari, Granarolo's managing director, said: “We need to supply our American warehouses to last until April,” hoping to gain a few tax-free months.
A loss of 100 million euros in 2019
Following the increase in customs tariffs, professionals in Italy's Parmesan cheese sector had already lost 100 million euros in 2019, or 20% of their sales.
For the new taxation announced by Donald Trump, artisanal producers will be penalized the most. The threat? That imitation manufacturers will overtake them with much cheaper products.
(MH with Manon Pierre - Source : Franceinfo - Picture : Picture by Gage Skidmore via Wikicommons under license Creative commons CC-BY-SA-2.0)