The latest items for the export They are sounding the alarm the Minister of Commerce France that as US President Donald Trump duties threaten the world economy.
The amount of imported goods has increased significantly and has exceeded a slight increase in exports, with the food and pharmaceutical processing industries being particularly alarming, said French politician Laurent Saint-Martin in response to new data on Thursday (7.8.25), according to Bloomberg.
“Overall, the trade balance sends us a real warning signal, especially after the agreement reached between the EU and the US, which is creating a new global context,” he told Le Monde in an interview.
Former head of Business France, which promotes export growth and foreign investment, has called on Europe to act to boost its competitiveness faster if the region does not want to be left behind.
Trump’s sweeping duties were officially in force on Thursday, with the EU being subject to a 15% rate affecting about $ 320 billion. He had previously threatened to impose a 50%duty.
France criticized the deal, with Prime Minister François Bairou calling it “submission”. However, he was praised by several European leaders, including German Chancellor Friedrich Mertz and Italian Prime Minister Georgia Meloni, who said it was “viable”.
Earlier on Thursday, figures showed that France’s trade deficit worsened by 2.8 billion euros ($ 3.3 billion) in the second quarter, compared to the previous three months, reaching 22.9 billion euros.
The Ministry of Finance said there was a slight decline in French exports to the US from the import of additional trade duties in April. The trend seems to be negatively associated with the level of duties, he said.
At the same time, higher imports from China, Southeast Asia, Mexico and Canada raise the issue of a possible redirect of US exports of these countries, the ministry added.
Risk for investment
Saint-Martin said US duties have not yet been “readable” into commercial data, but said they were expected to slow down the global economy, which is in danger of putting a brake on investment.
“For France and Europe, this agreement raises a double threat: loss of exports to the US and weakening global development,” Le Monde told the newspaper.
He said the deal provides business visibility, but it is neither good nor balanced, adding that “it is not over yet”.
“We are confident that aerospace will be excluded from these duties and in the coming weeks we will try to secure additional exceptions,” Saint-Martin said.
He pointed out that it is not possible to transfer the production of brandy, Armaniak and champagne to the US, as Trump demanded in other sectors. He added that the government will also do everything to protect strategic areas such as chemicals and medicines.