Giorgetti on duties: « A devastating structural imbalance must be avoided »

Italy is a « fundamental political and strategic effort also for Europe ». In view of Thursday’s trip of the Prime Minister Giorgia Meloni to the USA, it is the Minister of Economy Giancarlo Giorgetti to reiterate its importance, but also the difficulty in a moment « which is like the labor of a birth of a new system in which The rules of globalization must be rewritten, A new defined world order and the whole world that came out of Bretton-Woods and the Second Risisterda World War ».

The minister is prudent when, by video -insulting with the League’s political training school in Rome, he recognizes that With the United States «the negotiation is not easy Because the interests everyone tries to do them at home: we must find a synthesis, a correct compromise to find elements of strength in the context of the G7 countries that share principles of freedom and democracy « .

Explains that between the United States and China there is a game not only cheap: «The US cannot accept to be undermined by a power that is no longer only cheap but becomes » military « , and the competition is on many things: are the Chinese stronger or less strong? – he wonders -. And how will this race affect the balance? ». So here the duties they become « an instrument that in an even casual way, And we will see how effective, the US is using to try to rebalance what otherwise it will become a structural, definitive and also politically devastating imbalance ». The Minister to « Chinese over-the ability in terms of goods » refers, something that the US administration, for Giorgetti, tries to « prevent or eradicate before it is too late ».

Meanwhile He will be in the US in two weeks, when in Washington he will meet his counterpart, the secretary of the Treasury Scott Bessent. And he says that in the international leaders « many European partners look at the representative and the Italian minister, to see what he says and how he can interpret this sort of bridge or closeness with the American administration ». It will take advantage of it to deal with other important issues, because in addition to the duties, « certainly a starting point », there is also « an open question about international taxation: There is an ambition to create the Global Minimum Tax, that the Trump administration has put in the drawer, and to manage and decide on the web tax who has already started in Italy ».

And then, « there is an aspect of which no one speaks: an implicit form of duty that travels through the value of coins ». This is why also on this « it is worth focusing attention, because it is connected to the monetary policy of the Fed or ECB and therefore the correlation with respect to the competitiveness of the Italian and European system also depends on this factor ». The negotiation with the US and with the rest of the world, says Giorgetti, therefore also has what he calls « the currency and tax leg: lengthening the antennas on these aspects will also be useful ». The Minister of Economy also wants to emphasize that « Trump’s shaking will redesign the world order », however « it must also be said that the WTO (the World Commerce Organization) has already died for a few years ».