French President Emmanuel Macron on Thursday called on European companies to suspend planned investments in the US after President Donald Trump announced massive global tariffs on all US imports.
“Until things are cleared up with the US, upcoming investments and all investments announced in recent weeks should be suspended,” Macron said at a meeting with French industry representatives, calling the US tariffs “brutal and unfounded”.
The American move, Macron said, is a shock to international trade and Europe must respond “industry by industry”.
Macron’s call for a freeze on investment came after French shipping group CMA CGM announced a $20 billion investment in US shipyard logistics and terminals.
The French shipping giant CMA CGM ranks third in the list of the ten largest shipping companies in the world, behind Miller Maerska and Mediteran Shipping Company (MSC), with a wide network of container ships. By acquiring NOL and APL, the company strengthened its position on key trade routes.
Last month, French electrical equipment manufacturer Schneider Electric announced a $700 million investment in American energy infrastructure for the development of AI.
As a possible response to the US tariffs, Macron proposes the use of the Anti-Coercion Instrument (ACI), designed to curb the economic pressure of third countries and protect the trade of the European bloc, and mentions the possibility that the EU will try to limit the dominance of American digital giants such as Ix, Google and Amazon.
Macron also believes the response to reciprocal tariffs could be “stronger” than earlier U.S. tariffs on steel and aluminum.
According to Eurostat data, the EU had a trade surplus of 157 billion euros in goods exchange with the USA and a deficit of 109 million euros in trade in services.
