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Patrick Martin, who leads France’s influential business lobby group Medef, said Wednesday that the new tariffs could push the country into a recession. The 65-year-old French business executive is worried about the country’s economy facing President Donald Trump’s tariff-ridden market. French businesses must contend with US export levies on steel, aluminum, and other goods used in aerospace, luxury goods, and cosmetics. Martin is asking the French government to enact strategies to help French-based companies’ competitiveness to stay afloat. “The risk is that growth will stall and that we go into a recession,” Martin told RTL radio. “We must act quickly to improve the competitiveness of French businesses, which includes protecting consumption without overburdening taxpayers, households, and businesses.” Recession threats persist as EU-US trade war ensues  Martin’s plea to the French government comes against the backdrop of frictions between the US and Europe over trade policies. Some policymakers, like French Industry Minister Marc Ferracci, have supported Martin’s concerns, proposing to help alleviate the burden on companies by reducing production taxes. Speaking to Franceinfo, Ferracci requested French firms to consider suspending investments in the US because of the trade conflict. “The situation is highly complicated, and investments that were once secure are now in question,” Ferracci added. France President Emmanuel Macron has also slated the feasibility of Trump’s trade policies, coining them a “bad idea” that could worsen the already jittery global economic relations. The country, along with other EU nations, faces a 25% tariff on steel and aluminum and a 20% tariff on several products.  “We have never wished for chaos or higher tariffs,” Macron said during his visit to Egypt. “We think it’s a poor response to the trade deficit and will defend our economy against these tariffs.”  Macron reiterated that France could eventually respond to the US tariffs with…

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Filed under: News - @ April 9, 2025 12:22 pm