The European Union in the American trap
The European Union and Japan are fighting the same battle. The tariff is the same (15%), the exception on steel and aluminum is identical at 50%, the market is opening…
Philippe Waechter's blog
See you at the beginning of August
Well, this is my last post of the season. I’ll resume at the beginning of August. But if current events allow, I’ll dip my pen back into the inkwell. These…
What is a trade deal?
Since Donald Trump’s arrival in the White House, there has been talk of “trade deals.” Trade deals are needed, although the term is not clearly defined.According to conventional wisdom, a…
The American trap
As July 9 approaches, announcements and concerns about tariffs are back in the headlines. On April 2, Liberation Day, Donald Trump announced tariffs ranging from 10 to 50%, depending on…
The European dream is fading away
We have all dreamed of a Europe taking advantage of the current geopolitical turbulence to gain autonomy.We have read the Letta report, deciphered the Draghi report, and validated the choice…
The dollar at risk of chaos
The Financial Times noted that the dollar’s first half was the worst since the first six months of 1973. At that time, the greenback’s value, measured against the six largest…
A shadow committee against Powell?
The battle has resumed between Trump and Powell. Already in 2018, after appointing him to the Fed board, Donald Trump was very hostile to Jay Powell’s actions. In the current…
Is economic uncertainty consistent with robust financial markets?
Since the beginning of 2025, the economic landscape has changed. This change of direction primarily reflects the economic policy pursued by the White House in two dimensions: 1- the accentuation…