Macron hails SCOTUS ‘rule of law’ as France navigates new 10% global tariff

Investing.com

Sat, February 21, 2026 at 8:22 PM GMT+9 2 min read

Investing.com – French President Emmanuel Macron has injected a dose of “democratic optimism” into the global trade debate, following the U.S. Supreme Court’s decision to strike down President Trump’s IEEPA-backed tariffs. Speaking from the annual agricultural salon in Paris on Saturday, Macron hailed the ruling as a victory for the rule of law, suggesting that judicial “counterweights” are essential for stability in global markets.

However, the sentiment remains cautious as the “tariff holiday” for French exporters appears to be ending before it truly begins. With President Trump immediately pivoting to a new 10% global tariff, the Elysee is now shifting its focus toward a strategy of “reciprocity” to protect France’s core export pillars.

Macron emphasized that France is prepared to “adapt” to the new 10% levy to ensure its most valuable sectors remain competitive. For investors, the focus remains on the four pillars of the French economy that are most exposed to U.S. trade policy:

Luxury & fashion: Giants like LVMH (LVMHF) and Kering (PPRUY), which have navigated high tariffs over the last year, are watching for any secondary "reciprocal" measures.

Aeronautics: Airbus (EADSY) remains a critical factor in the transatlantic trade balance.

Agriculture & wine: The U.S. remains a top destination for French spirits and agricultural products, sectors that Macron vowed to protect from "unilateral decisions."

Seeking reciprocity over unilateralism

The French President called for a “calm mindset,” but his message to Washington was clear: France will not be a passive observer to unilateral trade shifts. Macron’s insistence on “reciprocity” suggests that France may push for a unified European response through the EU if the new 10% global tariff disrupts the current “hard-struck” trade deals.

“The fairest rule is reciprocity,” Macron stated, signaling that while France respects the U.S. judicial process, it is ready to defend its market share in the luxury and tech sectors should the new round of 150-day tariffs prove punitive.

For those following the “Europe Inc.” narrative, Macron’s comments confirm that the SCOTUS ruling is viewed less as a permanent fix and more as a legal “reset button.” While the removal of the 25% emergency levies is a win for French margins in the short term, the long-term outlook remains tethered to how “calmly” Paris and Washington can negotiate the new 10% global baseline.

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