In the great upheaval of global trade that is taking shape under the watch of an unpredictable Donald Trump, France is not entirely devoid of assets. It enjoys a central position at the heart of the eurozone, a large workforce and infrastructure that even Germany – determined to climb back up the slope with its "bazooka" plan of around €500 billion – envies today. More surprisingly, it does not rank so poorly in terms of wage costs compared to its economic rivals.

This is at least what emerges from the work of the Conseil national de productivité (CNP, National Productivity Council), an independent body tasked with advising the government on economic policies. Admittedly, since the 1990s, "China has eaten everything up," said the president of the CNP, Natacha Valla, who presented the conclusions of the latest work on Monday, April 14. But France is not alone in this struggle: Germany and, to a lesser extent, the US, now led by a vengeful Trump, have also suffered from the unbeatable production costs of products made in China.

Today, though, thanks to supply-side policies implemented by Emmanuel Macron since he took office at the Elysée, as well as measures taken to mitigate the energy shock following Russia's invasion of Ukraine, the lines have shifted. "France is more competitive than Germany in terms of wage costs," said Valla. Furthermore, France's current account balance has been improving for two years. French consumer products are holding their own against Italian or Spanish products in foreign markets. Similarly, France has been more competitive than before Covid-19 in terms of energy or intermediate goods.

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