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June closes the first semester of the European institutional calendar. Before the summer break, it is worth taking stock of three dynamics that will affect business between Italy and Belgium in the second half of 2026.
1. US-EU tariffs: the agreement has arrived, but it is not yet all settled
The months of negotiation between Brussels and Washington have concluded: on 25 June, the EU Council gave the final green light to the two regulations implementing the Turnberry agreement, following the vote of the European Parliament on 16 June. The framework is now operational and will remain in force until 31 December 2029.
For Italian companies exporting to the United States, this means certainty on a central point: European products remain subject to a 15% tariff in most sectors, while the EU eliminates its remaining tariffs on US industrial goods. The automotive sector — which before the agreement paid much higher rates — benefits from a net discount.
However, it is not a blank cheque for Washington. The agreement includes safeguard and enhanced suspension clauses: if by the end of 2026 the US does not return the surcharges on steel and aluminium to 15% (currently up to 50%), the Commission may suspend the tariff preferences granted to Americans. The pharmaceutical sector also remains a front to monitor, as it is less exposed to tariffs in the strict sense but more sensitive to regulatory dynamics.
What it means for exporters: the phase of acute uncertainty is over, and this is already a benefit — planning with a known duty is very different from navigating by sight. But monitoring remains necessary: developments on the steel-aluminium front in the next six months will tell if the stability achieved is truly lasting.
2. Omnibus: fewer CSRD obligations, but sustainability is not a closed topic
The Omnibus I package has been in effect since 18 March 2026 and has substantially changed the scope of European sustainability reporting. The new thresholds of the CSRD apply only to companies with more than 1,000 employees and over 450 million euros in net revenue: a reduced pool of about 80% compared to the previous regime. The CSDDD (due diligence on the value chain) has also been recalibrated, with obligations only for those exceeding 5,000 employees and 1.5 billion in global revenue.
For the vast majority of Italian SMEs, this translates into a concrete easing of direct burdens. But be careful not to read this simplification as a disengagement: companies that remain within the CSRD scope cannot still request from their supply chain data that exceed the voluntary VSME standard (coming by July 2026) — the so-called "value chain cap" — but the expectations of the market, banks, and investors regarding ESG data have not disappeared at all.
What this means in practice: sustainability is shifting from regulatory obligation to competitive and reputational leverage. SMEs that are already equipping themselves with a simplified ESG pathway — even just based on the VSME model — present themselves better in accessing credit, in relationships with larger clients, and in attracting talent. Those who delay risk finding themselves chasing when the market, not the law, will require it.
3. Horizon Europe and Digital Europe calls: the second semester is now preparing
Between July 2026 and June 2027, the calls of the new Work Programme of Horizon Europe will be published, with important changes in the participation rules. In the meantime, the calendar for the coming months is already rich with concrete deadlines: several calls from Cluster 4 (Digital, Industry and Space) and the Digital Europe programme close between July and September, with budgets ranging from cascading contributions for SME consortia to multimillion-euro funding for innovation projects on AI, advanced manufacturing, and digital transformation.
For Italian companies — especially those already collaborating with partners in other Member States — the summer window is not dead time: it is the moment when consortia are built, partners are aligned, and proposals are prepared to be submitted in September.
What it means for those who want to participate: the most competitive calls are won months in advance, not in the last weeks. Those who start mapping relevant opportunities for their sector as early as July will have a concrete advantage over those who move when the call is open.
In summary: the closing semester brings more certainty on duties, less ESG bureaucracy for SMEs, and a season of funding opportunities that is played out mainly in summer preparation. Three good reasons not to completely detach from the European context, even during the holidays.
Sources: Vote of the European Parliament - Omnibus / CSRD