I doubt it affects NA much, probably more of a Euro issue first and then maybe some South America and Asia ripples. The traditionally Italian brands under their umbrella that the PM is concerned about aren't manufactured here, and they don't sell well here. We don't care if a Fiat or Alfa Romeo is made in Italy or Brazil or Poland or China, we're not buying them regardless. The traditionally American brands aren't going to stop being made over here in favor of Italy, nobody is calling for it and the economics don't make sense.
I do enjoy the slap fight over stickers and model names being "Too Italian to be made outside of Italy" brand of nationalism, though. Can't call it a "Milano" since it's not built in Milan and consumers may be tricked by that... If I ever go back, I'll complain it's false advertising if my americano coffee wasn't made in the Americas. I figure that'll go over pretty well.