Italy's finance minister says there's been no US backlash after signing a deal with China

Italy hasn't suffered backlash from U.S. authorities after having agreed to be part of China's Belt and Road initiative, the country's finance minister told CNBC on Friday.

However, Giovanni Tria, an economist in charge of Italy's finances, said:"We have not any backlash, we have a strategic partnership, an alliance with the United States and the other countries allied in NATO and this doesn't change." The White House has previously said Italy's involvement in China's grand plan could hurt its international reputation, according to the Financial Times.

Italy signing on to the over leveraged Chinese economy is the best sign yet Beijing is close to collapse.

Backlash will come from China, wait and watch.

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