US Slashes Proposed Tariffs on Italian Pasta Imports

The United States significantly reduced proposed tariffs on Italian pasta imports after initially threatening high-level tariffs against 13 producers. The move averts a situation where American importers could have been taxed at a rate exceeding the pasta's value, potentially leading to sharp price increases for U.S. consumers.

The Italian foreign ministry announced Thursday that the proposed tariff rate had been drastically cut back. The U.S. government, in its own statement, said the 13 Italian firms had addressed many of its concerns.

The U.S. had previously accused the companies of selling their products at unfairly low prices. As a result, tariffs of almost 92% were threatened. Tariffs are a type of tax paid by a consumer who imports a product.