French President Emmanuel Macron called on 3 April to temporarily suspend investments in the United States economy until the situation with the new duties imposed by US President Donald Trump is clarified.
During a meeting with representatives of French business, he called the measures “brutal and groundless” and warned of their serious impact on the European economy.
“What will be the message if major European players invest billions of euros in the US economy at the very moment they are striking a blow against us,” he added.
Macron emphasised that Americans would become “weaker and poorer” after the new duties, which he said would have a “massive impact” on Europe’s economy. He also called for EU unity in responding to Washington’s actions, warning against unilateral moves by individual countries.
He confirmed that the EU’s response would be two-tiered. The first response – to the tariffs already imposed, particularly on steel and aluminium – will be delivered in mid-April. A second, broader response to the duties announced by Trump the day before is expected at the end of the month after a detailed sector-by-sector analysis involving all member states and economic representatives.
On 2 April, US President Donald Trump announced duties on goods from around the world to be imported into the United States.
The basic customs rate on imports of all foreign goods into the US will be 10 per cent. But for European Union countries, it will be 20%.
European Commission President Ursula von der Leyen called US President Donald Trump’s universal duties a serious blow to the global economy and said the European Union is ready to respond with countermeasures if negotiations with Washington fail.
The International Monetary Fund said earlier that US President Donald Trump’s drive to impose massive tariffs creates more uncertainty and undermines confidence, but is unlikely to trigger a recession in the near term.