French President Emmanuel Macron has called on European companies to halt their planned investments in the United States. This comes after U.S. President Donald Trump announced global tariffs on American imports.
What Happened: Macron made this appeal during a meeting with French industry representatives. He advised that any forthcoming or recently announced investments should be paused until there is clarity with the United States, reported Reuters.
Macron did not dismiss any reaction to Trump’s tariffs and proposed employing the anti-coercion mechanism, an EU tool designed to protect the bloc’s trade. He also proposed countermeasures focusing on the U.S. economy’s digital services and financial systems.
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The French President asserted that the reaction to Trump’s ‘Liberation Day’ tariffs would be “more powerful” than their previous retaliation to U.S. steel and aluminum tariffs. Macron characterized the tariffs as “brutal and unfounded”, a jolt to international trade, and stressed that Europe must respond “industry by industry”.
Why It Matters: This development comes on the heels of a significant $20 billion investment in U.S. shipping logistics and terminals by French shipping giant CMA CGM, announced by Trump earlier in March.
On March 27, top French automation manufacturer Schneider Electric announced its plans to invest $700 million in the U.S. for facility upgrades, expansions, and new openings across eight locations in Texas, Tennessee, Ohio, North Carolina, Massachusetts, and Missouri.
Moreover, the European Union had previously decided to delay the imposition of retaliatory tariffs on U.S. goods until mid-April, a move seen as a strategic attempt to de-escalate the trade dispute. Macron’s stance indicates a shift in the EU’s approach to the ongoing trade tensions with the U.S.
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