Italy joins China's new Silk Road, causing unease in the US.

Sputnik Brazil - Italy plans to formally support China's multi-billion dollar Belt and Road Initiative. It would be the first G7 nation to join the ambitious project that promises to significantly boost global trade.

Rome is preparing to sign a memorandum of understanding to officially support the project, championed by Chinese President Xi Jinping, by the end of March, according to Michele Geraci, Undersecretary of the Italian Ministry of Economic Development, quoted by the US newspaper Financial Times (FT).

"The negotiation is not yet over, but it is possible that it will be concluded in time for Xi's visit," Geraci told the publication.

"We want to ensure that 'Made in Italy' products can be more successful in terms of export volume to China, which is the fastest growing market in the world," he added.

Chinese leader Xi Jinping is expected to make an official visit to Italy on March 22. Following that, he will travel to France and finally to the U.S. for further talks to resolve the current impasse between Beijing and Washington.

Italy's move was not well received in Washington. The project, known as the new Silk Road, will not help Italy economically and could significantly damage the country's international image, according to the White House.

"We are skeptical that the Italian government's endorsement will bring any sustained economic benefits to the Italian people, and it could end up damaging Italy's global reputation in the long term," National Security Council spokesman Garrett Marquis told the newspaper.

The Chinese initiative is expected to provide effective connectivity and boost China's cooperation with more than 80 countries in Southeast and Central Asia, the Middle East, Europe, and Africa through various infrastructure projects modeled after the ancient Silk Road.

The project promises to significantly boost global trade, halving the costs of commercialization for the countries involved.