The United States is starting to resemble an emerging market more than a developed country, Euronext’s CEO Stephane Boujnah said on Tuesday as financial markets remained volatile after the imposition of sweeping U.S. tariffs.
“Fear exists all over,” the head of the pan-European stock exchange operator told France Inter radio. “The country (United States) is unrecognisable and we are living in a transition period. There is a certain form of mourning, because the United States that we had known for the most part as a dominant nation resembled the values and institutions of Europe and now resembles more an emerging market.”
Boujnah said global financial markets were rotating assets and were trying to adapt to United States that they do not recognise after U.S. President Donald Trump announced global tariffs on imports to the United States.
Trump has said the tariffs – a minimum of 10% for all U.S. imports, with targeted rates of up to 50% – would help the United States recapture an industrial base that he says has withered over decades of trade liberalization.
Boujnah said there was some good news in that oil prices and long-term rates were down, and that there were flows of money leaving the United States to be re-invested in Europe.
–Reuters