Carlo Capasa, president of Italy's National Fashion Chamber, has warned the government about possible tariffs from the Trump administration that could impact the fashion industry. This sector, crucial to Italy's economy, contributes 5% to GDP and employs 1.2 million people. The industry faced a 5% decline in global sales in 2024, dropping to 96 billion euros. Despite this, it still shows resilience, surpassing pre-COVID sales levels. Italy exported 4.6 billion euros worth of luxury fashion to the U.S. recently, emphasizing its significance to Italy's economy.
"If [President Donald] Trump penalizes the second industry in Italy, it is a pretty hostile declaration."
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