Emmanuel Macron is preparing to take his case against tariffs directly to Donald Trump, maintaining a position he’s held with increasing intensity: trade barriers hurt everyone sitting at the table, the US included.

A pattern of escalating rhetoric

Macron hasn’t been shy about his views on Trump’s trade agenda. He’s called proposed tariffs “brutal and unfounded” and, at the World Economic Forum in Davos, went further, describing additional trade barriers as “crazy” and “fundamentally unacceptable.”

The numbers help explain the frustration. Tariff proposals have ranged from an initial 10% to as high as 25%, with some scenarios involving retaliatory measures that could push duties on French wine and champagne up to 200%.

At the G7 summit in Alberta in June 2025, the two leaders discussed tariffs alongside other pressing geopolitical issues, including the Middle East and Ukraine.

The economic fallout nobody wants

The automotive sector sits squarely in the crosshairs. European carmakers have significant exposure to the American market, and escalating duties could reshape how vehicles are priced and sold across the Atlantic. French luxury goods, from fashion to spirits, face similar vulnerability.

In April 2025, Macron took the unusual step of encouraging French companies to temporarily pause their investments in the US while trade negotiations played out.

What this means for markets and investors

For traditional markets, the sectors most directly at risk are obvious: automotive, luxury goods, agriculture, and anything else that moves across the Atlantic in large volumes.

That said, the current Macron-Trump dialogue does not involve digital assets in any direct way. There has been no mention of crypto regulation, digital trade frameworks, or blockchain-related policy in the context of these discussions.