Italy’s Economy Minister Giancarlo Giorgetti told fellow Group of Seven finance chiefs in Durban on Friday that escalating trade tensions and a weakening U.S. dollar threaten to undermine growth across Europe. Speaking on the sidelines of the meeting, the minister said Rome is "concerned about the impact of economic uncertainty and persistent trade tensions on our economies." Giorgetti’s warning follows President Donald Trump’s announcement this month of a 30% tariff on imports from Mexico and the European Union beginning 1 August. Italy’s Treasury has calculated that even a smaller 20% U.S. levy on EU goods would shave about 0.3% from Italian output this year, underscoring the vulnerability of the bloc’s manufacturing exports. The minister added that the dollar’s recent depreciation is magnifying the strain by eroding European export earnings, further clouding the outlook for the region. Giorgetti also reiterated Italy’s position that companies which helped finance Russia’s war effort through commercial ties should be excluded from any contracts linked to Ukraine’s reconstruction.