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The US–Italy Economic Relations in a Divided World


In 2021, bilateral trade returned to the sustained pace it had prior to the Covid pandemic. Direct investment also grew – crucially, not just Italian investment in the United States but the other way round too. While Italy’s economic ties with Russia and China remain potential hotspots, Rome has never questioned its Atlantic orientation. Nevertheless, possible austerity policies following sanctions against Russia could spread social discontent that populist parties can exploit for consensus purposes in the 2023 general election, rekindling anti-Americanism rooted in different segments of Italian society.

Revised version of a paper presented at the 13th Transatlantic Security Symposium entitled “A Lasting Bond. Revisiting & Reinvigorating Italy-US Relations 160 Years since their Inception”, held in Rome on 13 December 2021 and organised by the Istituto Affari Internazionali (IAI) and the Italian Ministry of Foreign Affairs and International Cooperation.

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