Italy's exports to the United States climbed by 7.2% in 2025, yet this is an optical illusion. The favorable numbers for the United States were, in reality, driven entirely by the pharmaceutical boom, which witnessed a 54% increase to €15.7 billion, making it the top sector with a 22.7% share of overall exports to the US. Excluding pharmaceuticals, sales to the US market fell by 1.7% (equivalent to €863 million), while typical Made in Italy products fell by 3.7% (-€1.3 billion). Tariffs and the devaluation of the dollar have dragged on Made in Italy, notably on small enterprises, for which the US market accounts for more than 16% of total sales, compared to 12% for manufacturing as a whole. Traditional Made in Italy industries are undergoing significant collapse. Food output decreased by 4.5% (-348 million), while furniture declined by 8.2% (-131 million), metal products by 7.9% (-249 million), and mechanical engineering by 3.4% (-435 million). The auto industry is a different tale. The transportation industry expanded by 16.8% due to shipbuilding, despite the drag of the automobile segment, which fell by 18.5% (-655 million), in line with the drop in German car sales. From August to December, with the entry into force of tariffs, a significant worsening of Italian exports was recorded.