The Republic of San Marino is benefiting from a special tariff situation. The United States has decided that this microstate will only be subject to a 10% customs tariff, which is the lowest level set by the Trump administration for other countries.
The news was confirmed by Luca Beccari, San Marino's Secretary of State for Foreign Affairs, who said they are still at a preliminary stage and are monitoring developments.
"We have received confirmation, also through the American Consulate in Florence, that the customs rate applied by the US to the Republic of San Marino is currently 10%. We are still in a preliminary phase and are monitoring the situation, being aware that these are unilateral decisions that may change", explained Luca Beccari in a press conference.
The 10% customs tariff could theoretically give a competitive advantage to the small Republic, which has been partially "spared" by the US president. This tariff is half of what is applied to Italian and European exports - although the size and characteristics of the exports are not comparable. Seeing this potential advantage, some companies are considering the possibility of opening an operational base in San Marino.
There is no shortage of examples, as dozens of import-export companies that benefit from the state's favorable taxes have their commercial headquarters in San Marino. According to sources, many entrepreneurs have sought information to see if it is profitable to open a branch there, due to the lower fees.
The Chamber of Commerce's phone continues to ring and it is not only Italians who are calling, but also entrepreneurs from other EU countries, especially those operating in sectors most exposed to the American market and who are most at risk from customs tariffs.
There are two questions: is it true that customs duty is only 10% and what do I need to do to open a company in San Marino?
Denis Cecchetti, general director of the Development Agency – Chamber of Commerce of San Marino, said: “ I must say that we are a little surprised, because many of those who contact us underestimate the fact that it is not as simple as they think. We are completing a process that will lead us towards accession to the European Union as an “associated” country, which will make us an even more integrated part of the economic system and of the opportunities of the EU .”
Regarding potential interest from Italian companies, the government has clarified that everything will be carefully evaluated.
" We are carefully following the analysis of global trade dynamics and the potential interest in our jurisdiction due to the new customs conditions. However, each scenario is being assessed with great pragmatism and with a particular focus on sustainability and the impact on our economy, which is closely linked to the European and Italian ones ," said Marco Gatti, Secretary of State for Finance and Budget.
The Secretary of State for Industry, Rossano Fabbri, was also in the same line.
" We are pragmatically evaluating every opportunity that comes from international customs policies, even if they are specific and temporary windows. But our industrial strategy remains firmly linked to the Association path with the EU, to ensure sustainable and structural access to the common market, which is vital for the growth and innovation of our companies ," declared Fabbri.
Even businesses in San Marino are expressing caution. William Vagnini, secretary general of the industry association, has claimed that even a 10% tariff is a burden on companies, and that they are concerned about the consequences that a 20% tariff could bring for the EU and Italy - San Marino's two main trading partners. (A2 Televizion)
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