The Development of Made in Italy in the United States

The United States is undoubtedly one of the most important markets for the international development of Italian companies. The size of the American economy, the strength of domestic demand and its capacity to absorb high value-added goods make the US market a strategic destination for many Made in Italy supply chains.

In recent years, and increasingly in the current context, the economic relationship between Italy and the United States has progressively strengthened on ever more solid foundations. The USA remains the leading non-EU market for Italian exports and one of the most dynamic environments for companies oriented towards internationalisation.

At the same time, the global context is becoming more complex. The evolution of trade policies, geopolitical tensions and changes in global value chains are reshaping access conditions to international markets.

Within this framework, the US market represents not only a key commercial destination, but a strategic environment that requires Italian companies to make increasingly structured and informed decisions.

US MACROECONOMIC SCENARIO: GROWTH, INFLATION, RISKS AND TRADE
 

According to analyses by Intesa Sanpaolo’s Research Department, despite renewed geopolitical risks, the US economy continues to show strong resilience compared to other advanced economies. GDP growth for 2026 is expected to remain moderate, with expansion around 2%.

Domestic demand remains one of the main drivers of the American economy, supported in part by significant investment programmes in infrastructure and technological innovation.

Alongside these positive elements, the macroeconomic scenario is still characterised by some sources of uncertainty. Inflation remains above the Federal Reserve’s target levels and may rise further in the coming months, remaining close to 3% in 2026.

Monetary policy therefore remains cautious. Following the first tentative rate cuts last year, the Federal Reserve continues to adopt a prudent approach, monitoring the economy and prices to avoid new inflationary pressures.

For exporting companies, this scenario implies that pricing, investment and US market positioning decisions must be taken in a context of uncertainty that is no longer cyclical, but structural.

Meanwhile, trade policies are also evolving. In 2025, the United States introduced generalised tariffs on imports, with a base rate between 10% and 15% on numerous foreign goods, alongside specific measures for certain sectors.

These decisions have had an immediate impact on international trade. In the first nine months of 2025, global trade volumes recorded year-on-year growth of +4.5%, partly due to shipments brought forward at the beginning of the year before the new tariffs came into force.

In the medium term, however, the strengthening of protectionist policies could increase trade volatility and affect the organisation of global value chains.

In this context, access to the US market requires Italian companies to adopt a more selective and proactive approach, focused on managing commercial risk and building a stable long-term presence.

ITALY - USA: ECONOMIC RELATIONS AND INSTITUTIONAL FRAMEWORK
 

Economic relations between Italy and the United States are strong and well established over time. The American market is now one of the main outlets for Italian companies and one of the most relevant environments for the development of international investments.

In 2025, according to ISTAT data, trade between the two countries exceeded €105 billion, supported by growth in Italian exports to the United States, which increased by over 7% year-on-year.

Sales of Italian goods on the US market account for 10.8% of total Italian exports, confirming the USA as the second-largest destination market and the leading one outside the European Union.

In 2025, the trade balance remained strongly positive for Italy, thanks to high value-added sectors, although slightly reduced compared to the previous year due to the significant increase in imports of US goods.

The link between the two economies is also evident in terms of investment. The United States represents the primary foreign destination for Italian companies, with around 3,050 Italian-controlled firms operating in the country and employing over 135,000 people.

At the same time, more than 2,500 US-owned companies operate in Italy, employing approximately 370,000 people, highlighting a high level of integration between the two economic systems.

REGULATIONS AND ECONOMIC AGREEMENTS BETWEEN EUROPE AND THE UNITED STATES
 

Trade between Italy and the United States is part of the broader framework of economic relations between the European Union and the United States. Although there is no specific bilateral free trade agreement between Italy and the USA, a system of regulatory and fiscal instruments has been developed over time to facilitate trade and investment between the two economies.

One of the most significant elements is the Convention for the Avoidance of Double Taxation on Income, signed in 1999 and subsequently updated in 2009, which prevents double taxation for companies and investors operating in both countries. This is complemented by the FATCA (Foreign Account Tax Compliance Act) agreement, introduced in 2014 to strengthen cooperation between tax authorities and improve international financial transparency.

In recent years, institutional attention has also focused on the evolution of trade policies and the impact of tariff measures. In this context, in 2025 a permanent Tariff Task Force was established, promoted by the Ministry of Foreign Affairs, with the aim of monitoring tariff implementation and supporting Italian companies in the event of new trade barriers.

Alongside the regulatory framework, companies can rely on an active institutional network in the United States, including the Embassy, Consulates, the ICE Agency and Italian Chambers of Commerce in the USA, which play an important role in facilitating economic relations and promoting the presence of Italian companies on the American market.

OPPORTUNITIES IN THE US MARKET FOR MADE IN ITALY
 

The opportunities offered by the US market span multiple supply chains, combining the momentum of American public investment with the ability of Made in Italy to position itself in higher value-added segments.

The scale of domestic demand, together with high consumer purchasing power and a strong openness to quality products, creates a particularly favourable environment for many Made in Italy sectors.

In the United States, both consumers and businesses show strong interest in products that combine quality, innovation and specialised production key strengths of Made in Italy.

In 2025, the strengthening of Italian exports to the United States was concentrated selectively in certain sectors, with a significant contribution from pharmaceuticals and other transport equipment, which supported overall export performance to the American market. In particular, the pharmaceutical sector grew by over 50% compared to the previous year, making a substantial contribution to the overall growth of Italian manufacturing exports. The other transport equipment sector, especially shipbuilding, also proved to be a key driver.

Conversely, compared to 2024, sales declined in some traditional Made in Italy sectors, such as agri-food, mechanics and capital goods, confirming growth that is not widespread but concentrated in a limited number of sectors.

RISKS AND POINTS OF ATTENTION
 

Alongside the opportunities offered by the US market, Italian companies must consider several factors that may influence their internationalisation strategies.

One of the most significant concerns relates to the evolution of trade policies. The introduction of new tariffs or tariff measures may affect market access costs and the competitiveness of imported products.

Price dynamics and logistics costs are also variables that require careful monitoring, particularly in an international context characterised by increasing volatility and potential disruptions in supply chains.

Finally, operating in the United States requires particular attention to regulatory compliance and commercial contracting aspects. The US regulatory framework is complex and often varies between federal and state levels, making a structured approach to managing commercial activities and investments essential.

In this context, careful planning and the support of financial and institutional partners can help reduce operational risks and more effectively seize the opportunities offered by the US market.

TOOLS AND INITIATIVES TO SUPPORT INTERNATIONALISATION

In this complex scenario, Intesa Sanpaolo acts as a strategic partner for internationalisation, supporting Italian companies not only with financial tools, but also with expertise, local presence and the ability to connect with the institutional ecosystem.

Operating successfully in the United States requires the support of financial and institutional partners capable of guiding companies through international expansion processes. In this context, financial intermediaries play an important role in facilitating market access and supporting the growth strategies of Italian companies.

Intesa Sanpaolo supports Italian businesses seeking to develop their operations in the United States through an international network and a range of tools dedicated to foreign markets. In January 2025, the Banca dei Territori Division organised the webinar “USA: Challenges and Opportunities”, involving around 800 Italian companies, with the aim of sharing market analyses, economic scenarios and operational tools for export.

In recent years, the Group has also promoted several business missions to the United States, including acceleration programmes for innovative Italian SMEs in Silicon Valley, developed in collaboration with institutions and international partners.

Between 2023 and 2025, Intesa Sanpaolo participated as a financier or advisor in infrastructure projects in the United States worth approximately 50 billion dollars, contributing to the development of initiatives in the energy, infrastructure and technological innovation sectors.

Alongside networking and international promotion activities, companies can rely on tools dedicated to managing foreign operations, including trade finance services, the Foreign Module for managing international markets, and foreign exchange risk management solutions, designed to support businesses in handling international transactions and mitigating financial risks related to exports.

In an increasingly complex global economic context, characterised by changes in trade policies and growing international competition, the ability to combine quality, innovation and a strong presence in foreign markets is becoming ever more crucial for Italian companies. In this scenario, advanced operational tools and the support of structured financial partners such as Intesa Sanpaolo can help transform the opportunities offered by the US market into concrete paths of growth and international development.

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