French President Emmanuel Macron on the 3rd (local time) urged French companies to halt investments in the United States in response to the Trump administration's decision to impose a 20% reciprocal tariff on the European Union (EU).
According to Bloomberg News and Politico Europe, President Macron discussed countermeasures against the U.S. reciprocal tariffs with representatives of export industries to the U.S. at the ?lys?e Palace that afternoon.
President Macron condemned the U.S. tariff imposition as a "cruel and baseless decision," stating, "Future investments or those announced in recent weeks should be put on hold until the issues with the United States are resolved." He added, "What message would it send if major European companies invest billions of euros in the U.S. economy while they are attacking us?" and emphasized, "We must stand in collective solidarity."
This statement is interpreted as an effort to prevent major companies from individually announcing investments in the U.S. despite President Trump's policies. French shipping company CMA CGM announced last month that it would invest $20 billion (approximately 29 trillion won) in the U.S. to develop maritime infrastructure. According to the U.S. Bureau of Economic Analysis, France's direct investment in the U.S. reached $370 billion in 2023.
President Macron stressed, "We are a market of 450 million people," and said, "Europeans must unite and respond in a unified and balanced manner." He also stated, "Nothing is excluded," indicating that retaliatory tariffs, coercive measures, digital taxes, or financial actions could be considered.
The emergency meeting held that day included representatives from France's key industries such as aerospace, chemicals, wine, automobiles, pharmaceuticals, and fashion. Employer organizations and key government figures, including Prime Minister Fran?ois Bayrou, also joined the discussions.
According to the daily Le Monde, France's exports to the U.S. last year amounted to approximately 47 billion euros (about 75 trillion won), accounting for 1.6% of the country's gross domestic product (GDP). Major export sectors include aerospace, luxury goods, wine and cognac, and the pharmaceutical and bio industries.
In particular, the alcoholic beverage industry, which regards the U.S. as its largest market, is expected to suffer significant damage. The French Wine and Spirits Exporters Federation (FEVS) issued a press release the previous night expressing concern that "the U.S. decision to impose a 20% tariff will reduce France's export value by about 800 million euros."
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