Natuzzi S.p.A. (NTZ) recorded a disappointing second quarter of 2019, which was not a surprise considering how the first quarter had been. The company was unable to transfer the tariffs imposed on Chinese products by Trump to its US customers. Consequently, net sales plunged by 10.6% YoY, also due to a difficult reorganizational phase of the European wholesale business. However, the true decline was 7.6% when we take the contribution of the Chinese JV's sales into account. As a matter of fact, in H1/2018, Natuzzi was accounting its whole Chinese revenue, while, in