After ‘Liberation Day’ tariffs hit 49 countries around the world, we have seen two kinds of reactions: on the one hand, the heads of state who care for their countries are quietly searching for ways to negotiate the matter – usually by dropping their own duties first.
At the same time, a second group of national and regional leaders have seized the opportunity to try to score some cheap political points by clamoring for economic retaliation and political revenge.
Needless to say, French President Emmanuel Macron is part of this second group, and all the commotion associated with US President Donald J. Trump’s reciprocal tariffs provides him with yet another opportunity to escape dealing with his own very grave internal problems.
In this vein, Macron came out today and urged companies to ‘pause investments’ in the US.
Bloomberg reported:
“It makes little sense for firms to invest there while the US hits out against Europe, Macron said, speaking ahead of a meeting with representatives of industry groups affected by tariffs.
‘What would the message be of having big European players that invest billions in the American economy at the same time they are hitting us’, Macron said. ‘We must have collective solidarity’.”
The 20% tariff on all EU imports will take effect on April 9.
“The American president named French maritime company CMA CGM SA and carmaker Stellantis NV as companies that have recently invested in the US thanks to him. The French shipping giant said last month that it would invest $20 billion in the US to develop maritime infrastructure.”
Macron’s government spokeswoman said that Paris was pushing for retaliation against US tech companies and the services sector.
“Macron also said that the EU shouldn’t shy away from a strong response to US tariffs. He suggested the possibility of using the EU’s anti-coercion tool and hitting US digital services as well as ‘financing mechanisms for the American economy’.
The EU’s anti-coercion measure is its most powerful trade tool, designed to strike back against nations that use trade and economic measures coercively.”
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