The FTSE MIB fell more than 1% to around 40,440 on Friday, extending losses from the previous session and hitting a more than two-week low, as sentiment was weighed down by newly announced US tariffs. The effective US tariff rate has surged to around 15%, up from just over 2% earlier this year - its highest level in decades. Notable changes include an increase in tariffs on Canadian goods to 35% from 25%, and on Swiss imports to 39%. The EU narrowly avoided steeper penalties by securing a last-minute deal, but still faces a 15% tariff on its exports to the US, effective August 1. Meanwhile, traders digested a fresh batch of corporate earnings. Pirelli dropped nearly 3% despite reporting 4.4% organic revenue growth in the first half of the year, with net profit rising to €264 million from €231 million a year earlier. On the data front, Italy’s manufacturing sector is approaching stabilization, while retail sales rose 1% year-on-year in June, easing from a 1.4% gain in May.