Having seen their execution constantly postponed, the financial markets had come to accept Donald Trump's threats of tariffs with stoicism. They were disillusioned on Monday, March 3, when the US president confirmed his intention to impose a 25% levy on all imports from Mexico and Canada the following day, with the exception of Canadian energy products, which will only be levied at 10%. "The tariffs, you know, they're all set. They go into effect tomorrow," the US president said at the White House in the afternoon, noting that there was "no room" for last-minute negotiation.

China, too, will see its exports taxed by a further 10%. This levy alone would bring in $84 billion (€80.1 billion) for the US Treasury, more than all the tariffs collected in 2024, according to Trade Partnership Worldwide.

The financial markets, worried about these measures, which risk disrupting industrial production chains and boosting inflation, fell sharply: The S&P 500 index of major US companies retreated by 1.76%, while the tech-rich Nasdaq lost 2.64%. The decrease from the highest point in recent weeks is now 5% and 9% respectively. Stock markets also fell in Asia. In Paris on Tuesday morning, the CAC 40 was down 1.03% at the opening, while in Frankfurt the drop was 1.33%.

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