France Vows Support for EU Against US 30% Tariff

France has taken a firm stance against the United States' plan to impose a 30% tariff on European Union exports, with President Emmanuel Macron expressing strong disapproval. Macron emphasized that France will fully support the European Commission's position, aligning with the stance of Ursula von der Leyen, the President of the European Commission. This move comes as the EU prepares for potential market disruptions and increased volatility in the crypto and forex markets if the tariffs are implemented on August 1.

The EU has been engaged in intense negotiations with the US to avert the tariffs, with the European Commission leading the discussions. The Commission's aggressive stance reflects its commitment to defending the EU's economic interests. However, the situation remains tense, and the EU is preparing credible countermeasures, including the use of the anti-coercion tool, should the tariffs proceed.

Philippe Lamberts, a member of the European Parliament, has called for a forceful response from the EU to protect its interests. The potential for increased market volatility in the crypto and forex markets is a significant concern, as observed during past trade disputes. The EU's response will be crucial in determining the future of transatlantic trade relations and the broader global economic landscape.

André Wolf, a Senior Economist, has suggested that a coordinated international response with partners like Canada and Japan would have far more weight. The EU appears determined to respond with direct countermeasures, underscoring the gravity of the situation and the need for a united front against what is seen as an unjustified and disruptive move by the US.