French ECB Governing Council member Francois Villeroy de Galhau cautioned that US President Donald Trump’s tariffs will “very likely” have a “negative effect” on the economy.
Speaking on France Culture radio, Villeroy criticized “protectionism is a seductive short-term policy, but in the long term it is a losing strategy.”
Despite trade tensions, Villeroy maintained an optimistic view on France’s economic resilience. He reaffirmed that the country is likely to avoid a recession in 2025.
Bank of France indicated on Tuesday that French GDP is on track to expand by 0.1% to 0.2% in the first quarter.
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