French President Emmanuel Macron urged companies to pause investments in the US after President Donald Trump announced tariffs on the European Union and other regions.
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.”
Trump, speaking from the White House on Wednesday, announced a 20% tariff on EU imports, which will take effect April 9. He repeated his assertion that the 27 member states “rip us off” and called it “pathetic.”
The American president named French maritime company CMA CGM SA and carmarker 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.
In 2023, French direct investment in the US reached $370 billion , up 1% in one year, according to the latest data published by the US Bureau of Economic Analysis.
The French president is meeting with representatives of business sectors hit by the import tariffs including Airbus chief executive Guillaume Faury, the CEO of Safran SA, Olivier Andries, the CEO of Pernod Ricard SA, Alexandre Ricard and Rodolphe Saade of CMA CGM SA.
Earlier Thursday, Macron’s government’s spokeswoman Sophie Primas said that Paris was pushing for the European union to retaliate against US tech companies and expand the measures to the services sector.
Macron also said that the EU shouldn’t shy away from a strong response to 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.
This would mark an escalation that could exacerbate tensions, after Trump’s sweeping tariffs announcement, which he said would help bring jobs to the US and boost growth.
Macron insisted that any EU response should be coordinated at the bloc level, adding he had spoken with EU Commission chief Ursula von der Leyen earlier Thursday.
This article was generated from an automated news agency feed without modifications to text.
