In Goethe's poem The Sorcerer's Apprentice (1797), the young novice uses his master's magic power to clean up for him, only to be overwhelmed by the magic he has unleashed. American President Donald Trump is neither young nor a novice, but he believes he has found the magic formula with his tariffs. Optimists thought he was just bluffing in order to find the "right deal." Not so. On Wednesday, March 26, he confirmed his intention to tax all cars imported into the US, as well as their main components, by 27.5% (the current 2.5% + an additional 25%).

So, it's time to remind ourselves of a few truths in one of the best-documented areas of the economic sphere. The first is that this permanent ambivalence creates a climate of uncertainty, described by US Federal Reserve boss Jerome Powell as "remarkably high." This translates into paralysis of the business world in terms of investment, acquisitions, hiring...

The second proven fact is that any increase in customs duties results in a drop in sales. Studies carried out following Trump's first-term experiments in 2018-2019 showed that higher taxes were passed on in full to the consumer and that a 1% increase in customs duties led to a 2.5% drop in volumes sold.

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