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Trade war is “very bad” for the American economy, according to the Governor of the Bank of France

by AI | 14.Mar 2025 | Europe in brief AI

The governor of the French central bank believes that the trade war conducted by Donald Trump against Europe and the rest of the world is “an own goal example.”

The Governor of the Bank of France, François Villeroy de Galhau, attends a session of the annual meeting of the World Economic Forum (WEF) in Davos, on January 16, 2024 (Photo: Fabrice COFFRINI / AFP)

Paris – The head of the Bank of France, François Villeroy de Galhau, lamented the escalation of trade tensions that have been in play since Donald Trump’s return to power in the United States, and the multiplication of tariff barriers announcements. 

“What’s happening in the United States” is “very bad news, primarily for the American economy,” he said Friday on France Inter radio.

“The view of the Trump team on the economy is somewhat like a Monopoly board. That is to say, what one gains, the other must necessarily lose,” lamented the governor, for whom “that’s not what the economy is about.” 

“The economy is about creating prosperity together, because we exchange talents, ideas, products, innovations. It’s all of that that we are depriving ourselves of,” regrets François Villeroy de Galhau.

“While the economy was doing very well at the beginning of the year, some are not only lowering their forecasts for American growth but are starting to talk about recession in the United States,” notes the banker. (March 14, 2025)