<u>Italy</u> has a great trading tradition. Jutting out deeply into the <u>Mediterranean Sea</u>, the country occupies a position of strategic importance, enhancing its trading potential not only with eastern <u>Europe</u> but also with <u>North Africa</u> and the <u>Middle East</u>. Italy has historically maintained active relations with eastern European countries, <u>Libya</u>, and the Palestinian peoples. These links have been preserved even at times of great political tension, such as during the <u>Cold War</u> and the <u>Persian Gulf War</u> of 1991. Membership in the <u>EC</u> from 1957 increased Italy’s potential for trade still further, giving rise to rapid <u>economic growth</u>. However, from that time, the economy was subject to an ever-widening trade deficit. Between 1985 and 1989 the only trading partner with which Italy did not run a deficit was the <u>United States</u>. Italy began showing a positive balance again in the mid-1990s. Trade with other <u>EU</u> members accounts for more than half of Italy’s transactions. Other major trading partners include the United States, <u>Russia</u>, <u>China</u>, and members of the Organization of the Petroleum Exporting Countries (<u>OPEC</u>).
big stick policy refers to President Theodore Roosevelt's foreign policy speak softly and carry a big stick you will go far Roosevelt described his style of foreign policy as the exercise of intelligent forethought and of decisive action sufficiently far in advance