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By Giulia Segreti
ROME (Reuters) - Italy is concerned but not "terrified" of any new tariffs the United States could impose on wine, the country's agriculture minister said on Thursday, adding he hoped diplomatic efforts could avert damage to a key industry.
U.S. President Donald Trump has threatened to impose a 200% tariff on wine, cognac and other alcohol imports from Europe, as part of a global trade war that has roiled financial markets and raised recession fears. The White House is expected to make a major tariff announcement on April 2.
Italian trade group Federvini warned on Wednesday that wine and spirits exports to the United States were stalling due to the uncertainty over possible new duties.
"We fear any further burden that will create more difficult conditions (for wine exports), but we aren't terrified," Agriculture Minister Francesco Lollobrigida said at a conference in Rome.
He added that he hoped "diplomacy will prevail in negotiations with such a strategic ally like the United States, over a fundamental market for Italy, indispensable and not replaceable".
Trump's threat to target European wines and other alcohol imports is a response to a European Union plan to impose tariffs on American whiskey and other products next month - which in turn is a reaction to Trump's 25% tariffs on steel and aluminium imports that took effect earlier this month.
Italy's wine exports in 2024 grew 5% year-on-year to over 8 billion euros ($8.63 billion), of which just under a quarter were directed to the United States, according to data from national statistics agency ISTAT.
The industry, including the wider supply chain, accounts for just over 1% of Italy's gross domestic product, data by Italy's wine producers association Uiv showed.
"Nobody can still say anything clear about the impact tariffs will have on the national wine industry as nothing is still defined or final," said Matteo Zoppas, head of the country's trade agency ICE.
Lollobrigida and Zoppas were speaking at a conference presenting this year's Vinitaly. Some 4,000 wine companies and 3,000 buyers from 140 different countries are expected to attend the event, one of the world's largest wine fairs. It is taking place in the northern city of Verona on April 6-9.
"The U.S. delegation has confirmed its presence," said Federico Bricolo, the president of Veronafiere, the exhibition centre hosting the fair.
($1 = 0.9274 euros)
(Reporting by Giulia Segreti; Editing by Frances Kerry)
