Trump's tariffs could cost €2.3 billion, according to an Italian agricultural organization.

  The 30% tariffs announced by US President Donald Trump on imports from the European Union could cost American consumers and the Italian agrifood industry up to €2.3 billion, according to estimates published Saturday by an organization representing the Italian agricultural sector.

Trump announced on Saturday that he would impose 30% tariffs on Mexico and the European Union starting in early August, a new escalation amid negotiations with both sides over trade agreements.

"The impact of higher prices on American consumers will inevitably have repercussions for Italian companies," Coldiretti said in a statement.

"The decline in consumption will inevitably translate into a decrease in sales for Italian companies, which will be forced to seek new markets," it added, highlighting "the risk of counterfeit products, as the United States is the world's largest producer of food falsely labeled 'Made in Italy'."

Coldiretti predicts that the 30% tariffs would significantly impact the prices of some popular Italian products, such as cheese, wine, processed tomatoes, stuffed pasta, and jam.

The association's president, Ettore Brandini, said in a statement that "imposing a 30% tariff on European—and therefore Italian—agricultural food products would be a severe blow to the real economy, to agricultural companies... but also to American consumers, who would be deprived of genuine products or forced to pay much higher prices."

He added that the tariffs' entry into force would be "a complete failure of (European Commission President Ursula) von der Leyen's policy."

For its part, the European Union, which is leading negotiations with the United States on behalf of its 27 member states, criticized Trump's announcement, while stressing that it still wants to reach a trade agreement with Washington.