At a time when two major political crises are affecting the world, the war in Ukraine following its invasion by Russia and Israel's response to the massacres perpetrated by Hamas, the President of the United States was launching a trade war with an increase in customs duties imposed on all companies exporting to his country. It thus added to the disruption caused by these crises on supply chains an additional uncertainty that was detrimental to household consumption and business investment, and therefore to growth.

In doing so, Donald Trump broke with nearly a century of practices in favour of ...

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Contrary to the many pessimistic comments, the Chinese economy seems less affected than expected by international tensions, the threat of a trade war with massive increases in customs duties as well as the reorganization of supply chains made necessary by Russia's invasion of Ukraine. The first estimate of GDP in the 2nd quarter of 2025 shows a growth rate of 5.2%, very marginally lower than that observed in the 1st quarter which was 5.4%. The official target of growth of around 5% in 2025 should therefore be achieved or, at least, approached.

This situation contrasts with the ...

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The Prime Minister has just made public the measures that his government plans to submit to Parliament on the occasion of the adoption of the finance law for 2026. The objective is to halt the deterioration of the country's public and social finance situation by proposing savings and increases in household taxes. The concept of a "blank year" covers the freezing of spending and social benefits for one year. But by weighing on household resources, doesn't this risk slowing down consumption, and therefore growth with a rise in unemployment, and causing a "black year"?

The place is still ...

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