Piaggio dropped 3.5% on the Milan
bourse Thursday amid fears that the Trump administration will
levy 100% import tariffs on the Vespa scooters it makes.
The Wall Street Journal reported earlier that US President
Donald Trump is weighing 100% duties on imports of Vespa
scooters, owned by Piaggio, and San Pellegrino mineral water,
owned by Nestlé in response to an EU ban on US beef produced
with hormones. Roquefort cheese is another of the products that
could be affected, the WSJ said. Trump would impose the duties
after protests from US beef exporters, unhappy that the EU
market has not been sufficiently opened up to them under a 2009
accord, the US financial daily reported.
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