The Parliamentary Budget Bureau, an independent body that analyzes public finance trends, points out in its Annual Report that the already fragile international environment "deteriorated rapidly this year with the escalation of the trade war initiated by the United States of America". The UPB estimates that the sectors of the Italian economy most affected by U.S. tariffs would be the pharmaceutical industry, mining and motor vehicle manufacturing, with more significant employment losses in the metal products manufacturing, machinery and textile sectors. Mining would mark a large loss of value added, as it is strongly interconnected with the various manufacturing activities; significant, though indirect, effects would affect some service sectors such as professional activities (architectural, engineering, legal, accounting and management firms), advertising, and research and personnel supply services. Scenarios developed by UPB assume a negative impact on Italy's GDP from duties of two-tenths of a point in 2026 and one-tenth of a point in 2027.