This newsletter is a quarterly tool aimed at analyzing the main facts, figures and topics of interest to members of the Council for the United States and Italy. It is prepared jointly by the Council for the United States and Italy and The European House – Ambrosetti. and its intent is to provide qualified support and strategic guidance to business leaders interested in the relations between the two countries. “THE MACROECONOMIC CONTEXT OF US/ITALY RELATIONS” presents the key issues for the two economies within an international framework of modest growth, on which, however, weigh the uncertainties related to the recent spread of the COVID-19 virus outside China. The second part, “FOCUS: THE END OF TRADE WARS? THE IMPLICATIONS FOR ITALY/ US RELATIONS” offers an in-depth analysis of a central theme for the relations between the two countries, that of trade wars, a theme which today seems to have entered a new phase after the recent agreement signed between the United States and Beijing. The third part, “NEWS AND HIGHLIGHTS”, collects the main (positive) news on bilateral business relations between the United States and Italy. Finally, the “SAVE THE DATE” section offers a reminder to Council members of the main appointments that the platform currently offers.