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Trento Festival of Economics. Trump's tariffs: much noise (almost) for nothing
First day packed with events featuring government officials, entrepreneurs, managers and economists.
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Summary by points
20 May 2026Pinned update
Trump's tariffs: much noise (almost) for nothing
by Luca Orlando
"The world has changed," explains Luigi Federico Signorini, "and I fear that tariffs now represent the new normal. "A process that has been going on for a long time since the 'first' Trump," adds Alessandro Fontana, "which calls into question the possibility for companies to produce anywhere in the world."
Assessments, those of the economist and former director general of the Bank of Italia and director of the Confindustria study centre, that give a sense of the pervasiveness of the changes taking place in terms of trade, a theme to which one of the first events of the Trento Festival of Economics is dedicated: 'Trump's tariffs, much ado about nothing'.
Government, Salvini: vote at the end of the legislature? Don't know, depends on economic factors
"The end of the legislature is in September. I don't know, it also depends on economic factors'. Thus the deputy prime minister and minister of Infrastructure and Transport, Matteo Salvini, at the Trento Festival of Economics organised by Il Sole24Ore, replying to those who asked him whether in his opinion elections will be held with the natural end of the legislature. "We were on 25 February I do not say calm, because one who is minister of public works in Italia is never calm, but there was a growing economic situation there was a situation on construction sites calm now we have inflation, expensive spending, expensive bills and it is normal that the confidence of citizens falls," he added.
The deputy prime minister also spoke of a possible reopening to Russian gas. "I don't say it, the CEO of Eni, who is not a dangerous sovereignist subversive dazzled by Putin and the Russian Army, says it, that it would be right to reopen to Russian gas. We have arrived at the 20th package of sanctions and when in the spring of 2022 someone explained to us that the sanctions in a few weeks would stop the war and bring Putin to his knees, starting from the assumption that there is an aggressor and an aggressed, who is in the wrong and who has defended himself, pragmatically I wonder if these 4 years of economic war, but also sporting war have served any purpose". So said Matteo Salvini, Deputy Prime Minister and Minister of Infrastructure and Transport, speaking at the 'Infrastructure and Priorities' panel at the Trento Festival of Economics.
L’Italia non è un Paese per giovani, come può diventarlo Nella foto: Angelica Migliorisi, Marina Brambilla, Alessandro Molinari, Lavinia Biagiotti Cigna. IMAGOECONOMICA
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Salvini: requesting a derogation from the Stability Pact is inevitable
"We will arrive at the Council of Ministers on Friday to invest hundreds of millions of euro in support of both excise duties and road transport, but we will not be able to go any further with internal resources alone, so I think the Italian request to derogate the Stability and Growth Pact will be inevitable, asking us to do for energy what we can already do for defence and arms". This was stated by Matteo Salvini, deputy prime minister and minister of Infrastructure and Transport, speaking at a conference as part of the Festival dell'Economia organised by Il Sole24Ore. According to Salvini, the European Commission's approach is 'slow, obtuse, ideological, bureaucratic and out-of-touch'.
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20 May 2026
Gualtieri on Acea: Palermo did very well, Rivera new entry
"We are very happy with Acea and we will work to do even better". This was said by Roberto Gualtieri, mayor of Rome, on the sidelines of the 'Governare le città' conference as part of the Trento Festival of Economics. The Campidoglio presented the list for the renewal of Acea's top management with the confirmation of Fabrizio Palermo as CEO and the appointment of former Treasury director general, Alessandro Rivera, as its new president. "Fabrizio Palermo has done very well, then there is as president a new entry of great weight like Alessandro Rivera. We are a company that is growing, an extraordinary reality, with technological innovation, production, on major issues such as water and the environment,' he added
20 May 2026
Fitto: 'Working to review cohesion funds too
"We are working on the possibility of reviewing cohesion resources and, where possible, in a final phase, the National Recovery and Resilience Plan. Thirdly, there is the discussion on the issue of investment to be allocated also to energy, which is currently ongoing,' he said. This was said by Raffaele Fitto, executive vice-president for cohesion and reforms of the European Commission, at the end of his speech at the panel 'Europe and territorial cohesion, the right to remain living in the place everyone calls home' at the Trento Festival of Economics.
20 May 2026
Benetton: looking at young people not as a cost, but as an investment
"We try to set a good example". In the Group, '50 per cent of those employed are women and 30 per cent are young people under 30. And the economic results are not lacking. We have decided that an intern must earn at least 1,200 euro, because we have to change our perspective and look at a young person entering society not as a cost but as an investment'. So said Alessandro Benetton, chairman of Edizione and Mundys, interviewed by Fabio Tamburini, editor-in-chief of Il Sole 24 Ore, at the Trento Festival of Economics. All updates from the Festival are available on the dedicated page.
20 May 2026
Bracco: Italia values young people, we focus on talent
"The first thing to be done to make Italy a country for young people is to restore hope, confidence and pride to the new generations. We need to make young people understand that the country is investing in them, creating a cultural climate that makes, for example, meritocracy a perceptible principle and not just a declared one". This was stated by Diana Bracco, President and CEO of the Bracco Group and President of the Bracco Foundation.
"That gyoung Italians gain experience abroad is fine, but they must be able to return. We need," he emphasised, competitive entry salaries, support for parenthood, crèches and parental leave that allow people to build a balanced family and professional life.
We also need measures to promote innovation, research and entrepreneurship, because a country for young people must also fund start-ups and university spin-offs".
"I would say to our young people, however, not only to ask themselves what the country should do for them, but also what they themselves can do for Italia - of which they should be proud because we live in a unique place rich in history and beauty. It is important to strongly reaffirm, therefore, after years of laxity and confusion, the value of knowledge and commitment and ofpersonal sacrifice. That knowledge obtained by continuous training that allows us to combine memory and innovation, knowledge and critical spirit. I quote in this regard the beautiful expression used byPresident of the Republic Sergio Mattarella in the Lectio magistralis he gave recently at the University of Salamanca: 'Knowledge is the wind that the world needs today'.
The task of changing things is therefore first and foremost up to young people. They are the ones who must build the future with a spirit of initiative and with the courage to get involved and to face challenges and failures: I believe they have all the resources to do so'.
20 May 2026
Confcooperative: community cooperatives pdl stalled for three years
"For the future, we know that resources will be scarce, but a change of pace is needed in the way the planning and execution phase is managed. Then we need tools, because what was valid thirty years ago is no longer valid today. We have proposed an instrument, which is thecommunity cooperative'. This was said by the president of Confcooperative, Maurizio Gardini. "For three years there has been a proposal for a law on community cooperatives still in the drawer," Gardini recalled.
"If in Italia there is a demographic winter, in the inland areas we are witnessing a demographic glaciation. Infrastructure is fundamental for the survival before the development of inland areas, which are too often without fibre, without important road and rail connections. In many areas the fixed telephone line no longer even works. This is unfeasible. We must manage resources better. Historically, Italia has not been a champion in the allocation of Community resources either in terms of planning or timing. What good things have been done with the NRP we owe to ministers Fitto and Foti, who have involved the intermediate bodies that have given a more finalised contribution,' Gardini added.
20 May 2026
Gualtieri: underfunded public transport
"Cities are governable, including Rome, we have shown that it is possible to govern a complex city like Rome, which was in a very bad state'. This was said by Roberto Gualtieri, Mayor of Rome speaking at the conference 'Governare le città.
The challenges facing cities today are many: "cities have to adapt to climate change, govern migration, govern technological challenges such as artificial intelligence"
However, "despite the fact that the Constitution provides for it, we have a very low level of tariff autonomy. We have paradoxical levels of centralism. Public transport is by definition loss-making' and 'structurally underfunded'.
"There are so many things that without breaking the state's accounts could be improved to help cities be service providers but also innovation providers for the whole country.
20 May 2026
Signorini: international security challenge number one
"A year ago the imposition of tariffs was a potential catastrophic risk for the world economy, then months passed and it seemed much ado about nothing. Then months passed and today the concerns are again very acute, but for different reasons: for the potential effects of the wars, particularly the one in Iran, on growth, inflation and energy supplies'.
This was said by Luigi Federico Signorini, former managing director of the Bank of Italy, who said: "This is the first time I have participated in a debate as a freelance economist, now I am a private citizen".
With respect to tariffs, which "are also leading to a redirection of trade flows, interaction and competition", the challenge for Italia and Europe is "to resist the impulse to respond defensively with restrictive and protectionist policies".
"We will have to change," Signorini said, "some attitudes, including regulatory ones, in our Union. "But now," he concluded, "the number one challenge is different, international security
20 May 2026
Sala: public transport, tickets cover about 45% of the cost
'We must believe in growth, generate resources' as 'less and less resources are coming from the State'. This was said by Giuseppe Sala, Mayor of Milan, during his participation in the event 'Governare le città '.
"Public transport - he exemplified - costs us 800 million, ticket prices cover about 45% of the cost, the rest should be covered by state funds that arrive through the regions.
These funds go down. We would have a potential hole of about 250 million, if you don't find ways to generate resources, if you don't generate wealth, you can't pay for public transport'.
20 May 2026
Fugatti: focus on hydroelectric concessions with crisis
"In view of the scenarios we have, the issue of hydroelectric concessions becomes an important one that our territories are looking at with great interest". This was stated by Maurizio Fugattiy, president of the Autonomous Province of Trento, speaking at the conference 'Europe and territorial cohesion, the right to remain living in the place everyone calls home' during the first day of the Trento Festival of Economics organised by Il Sole24Ore. "Thinking about the hydroelectric concessions plan as an ordinary element worries us," he added, recalling that "in 2022 the Province of Trento made a rule that was later challenged by the government but that today is on the agenda of the energy policy debate: make investments and you will automatically qualify for renewal".
20 May 2026
Festival Economia, 14 young people selected with 'Voices of Tomorrow' enter as speakers
From the applications received from all over Italia to the halls of the XXI Trento Festival of Economics: there will be 14 boys and girls selected through the Call for Ideas "The Voices of Tomorrow" to take part as speakers in the official programme of the event, scheduled from 20 to 24 May 2026. A project created to give space to the new generations and to transform ideas, skills and visions into concrete contributions within the public debate on the major themes of the economy, the job, innovation, sustainability and social transformation.
20 May 2026
Fitto: Stability Pact, in agreement with Dombrovskis
"There is a broader discussion on the issue of a possible deviation" of the Stability Pact resources "to be allocated also to energy and on this there is an ongoing discussion on which I have nothing more to add except to agree with what the European Commissioner" Valdis Dombrovskis said. These were the words of Raffaele Fitto, Executive Vice-President for Cohesion and Reform at the European Commission, on the sidelines of the event "Europe and territorial cohesion, the right to remain living in the place everyone calls home" during the first day of the Trento Festival of Economics organised by Il Sole24Ore. Fitto recalled that "the European Commission has given very precise indications, President von der Leyen said so at the last Council meeting in Cyprus. There are two important instruments on which we are working. The first is the possibility of revising Cohesion resources: we have just concluded a very important revision for 35 billion euro at European level. Italia has re-modulated about EUR 7 billion on housing and competitiveness, so we are continuing on this path by giving the possibility to re-modulate the resources of the cohesion policy that have not yet been committed, both with regard to the energy crisis and also with regard to some interventions in the agricultural sector'. Secondly, Fitto further said, 'there is the possibility of revising the national recovery and resilience plans, should this be possible in the final phase. The Commission's latest guidelines indicated 31 May as the deadline for submitting the last revision, so this opportunity can also be used,' he said.
Lab-
20 May 2026
Tamburini: young protagonists in uncertainty phase
"This Festival has a distinctive trait, which is young people. Hope, in such a difficult world, where we have lost our compass and wars are part of everyday life, for young people is a very special moment'. Thus the director of Sole 24 Ore, Radio24 and Radiocor, Fabio Tamburini, opening the first conference of the Trento Festival of Economics. At a time when 'we have to come to terms with this extraordinary uncertainty', he emphasised, young people are rightly 'the protagonists of these days'.
20 May 2026
Benetton: Rome airport among the best in the world also thanks to young people's ideas
Trento, 20 May (LaPresse) - "Anyone who does business must feel responsible for the ecosystem in which they operate. We must be convinced that Italia can be a country for young people: that is the stamp in our group. Only 17% are enthusiastic about the future that awaits them, according to studies by our Foundation. We prepare young people very well but we don't manage to retain them. So we need to invest in the ideas of young people. If the Rome airport is one of the 10 best in the world it is also because we have used the innovative ideas of young people and the economic results achieved have demonstrated this'.
This was said by Alessandro Benetton, president of Mundys and Edizione, speaking at "Italia is not a country for young people, how can it become one" (9.45-11 a.m.), the first panel of the 21st edition of the Trento Festival of Economics.
20 May 2026
20 May with Nobel Prize winner Pissarides (3pm Social Theatre)
The 2026 edition of the Festival of Economics is underway. The event, in the formula conceived in 2022 by the Il Sole 24 ORE Group together with Trentino Marketing on behalf of the Autonomous Province of Trento and with the contribution of the Municipality of Trento and the University of Trento, will colour the city orange from 20 May until Sunday 24 May. The extraordinary success of the previous editions has in fact prompted the organisers to extend to five days the event that has seen the "squirrel people" grow in an extraordinary way, reaching over 140,000 presences in four years.
This year's theme, 'From market to new powers. The hopes of young people" will see over 700 speakers on the city's stages: 5 Nobel Prize winners, 18 ministers, 118 protagonists of the academic world, 35 national and international economists, 87 representatives of national and European institutions, over 90 managers and entrepreneurs. Over five days more than 300 events with the initiatives "Fuori Festival", "Economie dei Territori", "Incontri con l'Autore".
20 May 2026
Meetings with the author on 20 May
10.00 A.M
"Inside pay transparency" - The future of remuneration policies for companies and workers. Complete guide to the new regulations in force from June The protagonists: Maria Carla De Cesari, Il Sole 24 Ore; Enzo de Fusco, founder De Fusco Labour & Legal - Palazzo Trentini - Sala Aurora
10.15 A.M
"Artificial intelligence and competitiveness" The protagonists: Luca Gatto, Luiss Business School, Biagio Simonetta, Il Sole 24 Ore - Fondazione Caritro
12.00 NOON
"Charismatic Capitalism" - The protagonists: Lina Palmerini, Il Sole 24 Ore, Sandro Trento, University of Trento - Palazzo Trentini - Sala Aurora
12.15 P.M
"Regenerative AI" - The protagonists: Franco Bernabè, President, University of Trento, Gionata Tedeschi, Innovation Strategist - Palazzo Sardagna - Sala delle Scienze
2.30 P.M
"Taxing millionaires. Taking from the rich to give to the poor" - The protagonists: Alessandro Galimberti, Il Sole 24 Ore; Riccardo Staglianò, Journalist - Chamber of Commerce - Calepini Room
3.00 P.M
"None out of the code" - The protagonists: Alessia Canfarini, Human Capital & Governance Advisor, Bip Group, Simona Rossitto, Radiocor - Il Sole 24 Ore
Trentini Palace - Aurora Hall
4.00 P.M
"Research and territory" - The protagonists: Pierangelo Soldavini, Technology and innovation journalist, contributor, Il Sole 24 Ore -
Caritro Foundation
4.00 P.M
"The Antidote" - The protagonists: Daniele Bellasio, Il Sole 24 Ore, Claudio Cerasa, Director, Il Foglio Quotidiano - Palazzo Sardagna - Sala delle Scienze
20 May 2026
Inauguration ceremony with Metsola and Ravasi
Entrepreneurs will include Francesco Gaetano Caltagirone, Marco Tronchetti Provera and Alessandro Benetton. The day will be concluded by the inauguration ceremony, which will be attended by Maria Carmela Colaiacovo, president of the Il Sole 24 Ore group; Flavio Deflorian, rector of the University of Trento; Maurizio Fugatti, president of the Autonomous Province of Trento; Franco Ianeselli, mayor of Trento; Roberta Metsola, president of the European Parliament; Gianfranco Ravasi, president emeritus of the Pontifical Council for Culture; Maurizio Rossini, managing director of Trentino Marketing, Federico Silvestri, managing director of the Il Sole 24 Ore group and Fabio Tamburini, editor-in-chief of Il Sole 24 Ore.
20 May 2026
Il programma della prima giornata
Prende il via il Festival dell’Economia di Trento con una prima giornata ricca di appuntamenti che vedono la presenza di esponenti del governo, imprenditori, manager ed economisti.
La manifestazione, realizzata dal Gruppo 24 Ore e Trentino Marketing per conto della Provincia Autonoma di Trento, con la collaborazione del Comune e dell’Università, è giunta alla sua ventunesima edizione.
Al centro dell’attenzione ci saranno gli scenari della geopolitica, il tramonto della globalizzazione, i nuovi centri di potere come le Big Tech, che concentrano ricchezza e controllano le chiavi dell’intelligenza artificiale, le autarchie di Russia e Cina e le speranze dei giovani.
Ad aprire le danze ci sarà il vice premier e ministro delle Infrastrutture e dei trasporti, Matteo Salvini.
A Trento, per discutere di Europa e coesione territoriale, ci sarà il vicepresidente esecutivo della commissione Europea Raffaele Fitto. Presenze di primo piano anche sul versante industriale.
