The first data on the impact of US tariffs have been released, and the news for Italy is not good. On Monday, Istat published August export figures, the first month with the tariffs in effect. They indicate a 21.2% decrease in shipments to the United States and an 8.1% decrease in products to countries outside the European Union in comparison to July. The figure also reflects the acceleration of the previous two months, when exports were pushed forward due to concerns that negotiations might fail. Imports also declined (-7.1%), showing the general difficulty in trade. Machinery and industrial equipment, which experienced a 16.7% decline, were the primary factor contributing to the decline in non-EU sales. Although the United States is accountable for a substantial portion of the decline, Turkey also drastically cut imports (-26.1%). Some positive indicators include the United Kingdom, where sales increased by 5%, and Switzerland (+4.7%). Too little to compensate for the losses. Consumer products are also performing poorly: international sales of vehicles, appliances, food, and clothing have all plummeted by nearly 10%. According to collected data, the average price of wine delivered to the United States from Italian vineyards decreased by 20.5% in July compared to the same month in 2024. This is due in part to producers' continued willingness to forgo earnings in order to retain American customers. From food to machinery, the biggest problem remains the chaos of regulations. Every week, what appeared to be non-negotiable is called into doubt, creating instability that paralyzes investment.