French Finance Minister Bruno Le Maire said US protectionism will continue whoever wins the presidential election as he called on Europe to take a tough stance on trade.
“Let’s take into account the geopolitical realities of tomorrow and open our eyes in the 21st century: America is and will remain protectionist,” Le Maire said at a conference in Berlin. “Whether Joe Biden or Donald Trump wins in a few months, it will in no way change US protectionist policies.”
The European Union has already begun working on an evaluation of how the US elections would impact trade and what measures could be taken to respond. But those preparations have focused on the prospect of Trump returning to the White House as his team plans a litany of actions against the bloc.
It’s not the first time Le Maire taken aim at Biden’s economic policies, notably the Inflation Reduction Act, which he said tipped the world into a new form of globalization with more aggressive industrial policy.
Still, most of the French finance chief’s warnings in Tuesday’s speech targeted China. According to Le Maire, slower growth there means Europe should brace for the arrival of cheap electric vehicles, wind turbines and solar panels.
He said EU should continue to take steps to ensure a level playing field with the world’s second-biggest economy, such as the plan for a tax carbon tax at European borders.
“China will remain interventionist and continue to subsidize their production,” Le Maire said. “It’s up to us to put in place measures to re-balance our trade balance with China.”
