Italy’s Economy Was Humming Nicely. Then Came Trump.
Between the Trump administration’s steel tariffs, the reinstatement of sanctions on Iran, and political chaos, Italy is again struggling economically
Client
The New York Times
Year
2018
A factory in Assisi, Italy, run by IRON, which makes industrial steel parts. “We depend on access to a global market,” the company’s commercial director, Claudio Capponi, said. “It’s the uncertainty that is driving us mad.”
A plasma cutting machine, left, and steel parts made by IRON
A worker at IRON. Mr. Capponi, the comercial director, said: “We’re worried about the precedent of these tariffs. We are worried the forces of protectionism are being set loose.”
A steel-flattening machine at IRON
Newly made tools that are used to slice leather into shoes, jackets and bags, at Tecon’s factory in Tuscany
A worker welds a helicoidal steel pipe at IRON
Even if his company pays less for steel, Mr. Capponi said, his customers are likely to squeeze him for lower prices
President Trump’s tariffs have altered expansion plans by Gruppo Ventura, which installs railroad tracks. The company is led by Maria Antonietta Ventura, its chairwoman and Alessandro Ventura, its chief financial officer and her brother.
The owner of Tecon, Giorgio Meniconi, saw the nuclear deal with Iran as an opening to do business there and elsewhere in central Asia. But when the United States pulled out, he said, “the hopes we were building were shattered.”
Gruppo Ventura also performs maintenance on locomotives. The company is worried that the cost of tracks will climb along with the price of steel. “Everything is a bit more complicated,” Ms. Ventura said.
Gioia Tauro, the port from which Gruppo Ventura shipped locomotives to Iran. The machines are now effectively marooned