Italian enclave in the global spotlight: San Marino exempt from U.S. tariff hikes
San Marino has been left off the list of countries affected by increased U.S. import tariffs, as noted by the Italian daily La Stampa. According to the newspaper, the small republic—an enclave within Italian territory—may gain strategic importance in trade relations with the United States. Some companies are already considering relocating their operational bases there.
In brief
San Marino was not included on the list of countries subject to increased US tariffs, the daily La Stampa noted. Goods from the European Union will face a 20 percent tariff, while products shipped to the United States from San Marino, which is not an EU member, will face the minimum rate of 10 percent. The republic on Monte Titano, already home to several dozen import-export companies benefiting from tax relief, may gain strategic importance according to La Stampa. William Vagnini, secretary general of the local business association, admitted that there is unease.
Under a decision by U.S. president Donald Trump, goods imported from the European Union will be subject to a 20% tariff. However, in the case of San Marino—which is not an EU member state—the base tariff rate will be just 10%.
The world's oldest surviving republic has thus been “pardoned” by the American president, as La Stampa puts it. This means, the paper explains, that the state perched on Mount Titano could play a key strategic role in the evolving trade landscape.
The newspaper notes that San Marino is already home to dozens of import-export businesses benefiting from various tax incentives offered locally.
La Stampa clarifies that while a product exported from Italy will be hit with a 20% duty, the very same product shipped across the Atlantic by a San Marino-based firm will be subject to only half that rate.
The local business association has expressed concern over growing interest from EU-based companies looking to relocate, fearing increased competition.
- Many of our companies have ties with the United States, and of course there's some anxiety, said William Vagnini, secretary general of the association. - But I believe our businesses are prepared to adapt, possibly by shifting their focus to other markets as well.
At the same time, he acknowledged that San Marino could also suffer indirect fallout from the tariffs, as Italy is the republic’s second-largest trading partner after the U.S.
Source: PAP / Gazeta Morska · Compiled by: Sylwia Wysocka / PAP / Rzym
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