French President Emmanuel Macron has urged European businesses to pause investment in the US “until things are clarified with the United States”.
The EU is facing 20 percent tariffs on exports to the US following President Donald Trump’s announcement of widespread global tariffs on Wednesday.
“Investments to come or investments announced in recent weeks should be suspended until things are clarified with the United States,” Macron said during a meeting with French industry representatives.
“What would be the message if big European actors invest billions of euros in the US economy at the very moment they are hitting us?” he asked.
Trump’s Wednesday move to slap a 10 percent tariff on most US imports, and higher levies on trading partners with whom the country has a higher trade deficit, effectively raised the rate of levies on the European Union to 20 percent and on China to 54 percent.
Macron said Americans will be “weaker and poorer” after Trump’s tariff announcement, which he described as “brutal and unfounded” and would have a “massive impact” on the European economy.
The comments come weeks after French shipping firm CMA CGM announced plans to invest $20 billion in the US to build shipping logistics and terminals, a plan that was hailed by Trump at the time, and mentioned again in his Wednesday speech unveiling the tariffs.
French electrical equipment supplier Schneider Electric said late last month it would invest $700 million in the country to support US energy infrastructure to power AI growth.
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