The real-world impact of the trade tensions sparked by the current U.S. administration is now showing up in official data. According to the latest figures from the U.S. Census Bureau, the consequences for Italian companies are beginning to materialize in the value of U.S. trade statistics. Since the announcement of new "reciprocal" tariffs on April 2, that month offers the first clear snapshot of the fallout.

The effects on trade between the U.S. and Europe are already evident, though Italy has felt them a bit less sharply than others. Exports from the EU to the U.S. dropped by 35% in April compared to March—the last month before the new tariffs took effect—though year-over-year levels remained largely unchanged.