Vulnerable. Extremely vulnerable. Just as the new tariffs imposed by US President Donald Trump come into force, France has found itself in a uniquely weak position in the trade war. That is what the latest foreign trade figures released on Thursday, August 7, by French customs and the Banque de France show. In the first half of the year, the value of imports of goods exceeded exports by €43 billion. After four consecutive quarters of improvement, the trade deficit began to widen again, deteriorating by €4.4 billion – an increase of more than 10% – compared to the second half of 2024.

That is not all. The current account balance also raises serious concerns. This broader indicator, which, in addition to goods, includes services and income transfers between France and the rest of the world (such as cross-border salaries and dividends), plunged due to a drop in foreign investment. Slightly positive in 2024, the current account turned sharply negative in the first half of 2025, with a deficit of €17.6 billion. The main reason was income transfers, which recorded their largest deficit in over a decade.

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