No. 993 - US tariffs and Italian firms: mapping network exposure and early impact from survey data

Questioni di Economia e Finanza (Occasional papers)
by Andrea Benecchi, Alessandro Borin, Francesco Paolo Conteduca, Fabrizio Leone, Michele Mancini, Lucia Modugno, Matteo Mongardini, Giulio Papini and Patrick Zoi
December 2025
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The work draws on firm-level data and electronic invoicing records to map domestic firm-to-firm linkages and to estimate the direct and indirect exposure of Italian companies and local labour markets to exports to the United States. It also offers an initial assessment of the impact of tariffs on Italian firms' sales, based on evidence from Bank of Italy business surveys.

Sales to the United States represent roughly 3 percent of Italian firms' total revenues. More than half of this exposure arises indirectly, through domestic supply-chain linkages, and it would be even larger if indirect sales through foreign countries were also included. Around one-fifth of firms report negative effects from the tariffs, typically of moderate intensity, yet the impact is far from uniform across the country. Some local labour markets are markedly more vulnerable: in about 2 percent of them, sales to the United States account for more than one-tenth of total sales.

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  1. 22 December 2025
    No. 993 - US tariffs and Italian firms: mapping network exposure and early impact from survey data
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