French President Emmanuel Macron brought together business leaders from the industrial sectors most impacted by Donald Trump's tariffs to discuss the next steps on Thursday, April 3, at the Elysée Palace.

"Last night's announcements were a shock. It was important for us to meet," said Macron, condemning "the brutal and unfounded decision" of his American counterpart. Macron said that Trump "does not take into account digital services" in his perceived trade imbalances. Trump on Wednesday announced an additional 20% tax on European Union products (and even more for French overseas territories including Saint-Pierre-et-Miquelon and La Réunion).

The tone was one of gravity. Macron reiterated that "France is not the most exposed country: Exports to the US represent 1.5% of our GDP. It's 3% for Italy, 4% for Germany and 10% for Ireland." But he did not downplay the side effects of Trump's decision.

The American economy will experience "an immediate and massive impact," he said, with inflation and a slowdown in activity. Global growth could fall below 2%, according to the consultancy Oxford Economics. China and Southeast Asian countries are hit especially hard by the US tariff increase, and will seek new outlets outside the US, risking a price war.

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