IACC Global Leadership Forum. A (Bumpy) Year for U.S. Tariffs: From Policy Intent to Real-World Impact—and What Comes Next

In this inaugural session of the IACC Global Leadership Forum, Carmine Porello, Chief Representative for North America at Banca d’Italia, provided an in‑depth assessment of the first year of the Trump administration’s tariff strategy, whose design and implementation placed strain on the multilateral trading framework and intensified frictions with long‑standing allies.

The discussion compared the policy’s stated objectives with its measurable effects on trade flows, manufacturing investment, and consumer prices, and examined how the political economy of affordability is shaping the national debate ahead of the midterm elections.

The session concluded with an exploration of the recent Supreme Court ruling and its potential implications for the future trajectory of U.S. trade policy and the broader global economic landscape.