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LeMonde
14-07-2025
- Business
- LeMonde
France: When defense imperatives meet budgetary realities
The French president's speech to the armed forces on Sunday, July 14 was heavily anticipated in the media: first by an unprecedented press conference from the chief of the armed forces, General Thierry Burkhard, on July 11, and then by an interview with the minister of the armed forces, Sébastien Lecornu, in financial newspaper La Tribune Dimanche on July 12. Emmanuel Macron's address also has particular significance given the context: European rearmament in the face of a world increasingly defined by power struggles and the collapse of international law. As befits the only European nuclear power alongside the United Kingdom, France intends to play its part in this rearmament. Macron highlighted the leadership Paris has shown in recent initiatives to confront the Russian threat, notably alongside London, including in the area of nuclear deterrence. He also strongly emphasized the need for a European dimension to this essential defense effort, arguing for a European pillar within NATO. Facing "an American ally signaling its disengagement," as he acknowledged, "we Europeans now have to ensure our security on our own." Yet, if "to be free, you must be feared," Macron also affirmed that "to be feared, you must be powerful." And power comes at a cost. This is the fundamental limitation of the exercise Macron has pursued since the invasion of Ukraine in 2022. His assessment of geostrategic threats is entirely accurate, and his determination to organize France's defense within a European framework is unquestionable. However, France's excessive debt is a clear obstacle to the ambitions he has laid out. Fuse position Even with the significant increase Macron announced Sunday, which will raise the military budget to €64 billion by 2027, France remains well short of the €100 billion figure that Lecornu described in March as the "ideal fighting weight" for meeting new challenges by 2030. For some, the additional €6.5 billion announced for the next two years is not enough. For others, it represents a heavy burden. Prime Minister François Bayrou must take this into account as he finalizes the adjustment plan, which he will present to the press on Tuesday, aiming to reduce the public deficit from 5.8% of gross domestic product this year to 4.6% by 2026. To prevent the appearance of civilian spending sacrificed in favor of defense, the French presidency and prime minister's office jointly stated that the increases in military spending will be funded by "more activity and more production." In addition to predictable cuts in state spending, social security and local government budgets, Bayrou's announcements are expected to include new reforms affecting unemployment insurance and the labor market, with no guarantee they will be any better received than previous budget-saving measures. Every adjustment made in the name of "working more" has been vigorously contested so far. In his address on March 5, Macron warned that facing the world's brutality demanded "reforms" and "courage." Despite growing public awareness, his warning has had little effect on the country's various political forces so far. Cast in the uncomfortable position of a fuse, Bayrou will learn after his announcements on Tuesday whether elected officials have changed their stance, or whether a gap remains between what is happening on the international stage and what is unfolding on the domestic scene.
Saudi Gazette
13-07-2025
- Politics
- Saudi Gazette
French president announces €6.5 billion boost in military spending
PARIS — French President Emmanuel Macron on Sunday unveiled an additional €6.5 billion ($7.6 billion) in military spending over the next two years, citing unprecedented threats ranging from Russia's aggression to nuclear proliferation, cyberattacks, and terrorism. In a wide-ranging speech on the eve of Bastille Day, Macron called for intensified efforts to protect Europe and reaffirmed France's long-term commitment to supporting Ukraine. He said France's annual defense budget will reach €64 billion ($74.8 billion) by 2027, double what it was when he took office in 2017. 'Since 1945, freedom has never been so threatened and never so seriously,' Macron said, warning of a resurgence in nuclear threats and large-scale conflicts. 'To be free in this world, we must be feared. To be feared, we must be powerful,' he declared. Macron argued that France can afford the increase despite efforts to reduce its national debt. While conservative and far-right parties back the move, left-wing parties have criticized the shift, accusing the government of sacrificing social spending in favor of military buildup. The president also ordered defense officials to initiate a 'strategic dialogue' with European allies about the role of France's nuclear arsenal in Europe's security. In a rare move, France and the UK recently agreed to collaborate on nuclear defense. Macron's remarks come ahead of a key announcement expected Monday from U.S. President Donald Trump concerning Russia, and just before NATO chief Jens Stoltenberg travels to Washington for high-level talks. Trump last week said NATO allies could buy U.S. weapons and deliver them to Ukraine, which continues to struggle against complex Russian air and drone attacks. Macron, who recently spoke with Russian President Vladimir Putin for the first time in three years, remains a target of criticism in Moscow for his pro-Ukraine stance. The Kremlin maintains that the conflict is a result of Western disregard for Russia's security interests. French military chief Gen. Thierry Burkhard detailed broader threats from Moscow, including satellite disruption, sabotage of undersea infrastructure, and disinformation campaigns targeting French and African audiences. He also said Russian submarines and aircraft are operating aggressively in the North Atlantic, Mediterranean, Black Sea, and Syria. Meanwhile, Defense Minister Sébastien Lecornu, in an interview with La Tribune Dimanche, called for greater investment in defense technology and training. He warned that countries are developing quantum computing capabilities that could soon transform the battlefield. 'Do we want to stay in the game?' Lecornu asked. — Agencies
Bloomberg
30-06-2025
- Business
- Bloomberg
Europe, US Make Encouraging Noises on Trade Deal
Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. Both European and US sides are making encouraging noises about reaching a trade deal by the July 9 deadline, when additional tariffs of 50% would otherwise be imposed on most European exports. 'From the experience of the last few months, we can clearly see that the US is in on the deal,' French Finance Minister Eric Lombard said in an interview with newspaper La Tribune Dimanche. But the result of the negotiations is expected to be unbalanced, with some US duties remaining, including a 10% baseline levy on EU exports. Some European officials are arguing for retaliation in such a scenario. EU envoys will discuss the state of the negotiations today as talks with the US continue this week, while advancing possible countermeasures in case talks break down.
Bloomberg
29-06-2025
- Business
- Bloomberg
France Confident Tariff Deal Can Be Reached Before Deadline
French finance minister Eric Lombard said the European Union can clinch some form of a trade agreement with the US before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products. 'From the experience of the last few months, we can clearly see that the US is in on the deal,' Lombard said in an interview Sunday with La Tribune Dimanche newspaper.
Iraqi News
21-04-2025
- Business
- Iraqi News
Gold hits record, dollar drops as tariff fears dampen sentiment
Hong Kong – Gold prices hit a fresh record Monday while the dollar weakened further and stocks were mixed amid worries about Donald Trump's tariff blitz and bubbling row with the Federal Reserve. With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the release of key data that should give an insight into the impact of the US president's trade war. Several nations have moved to cut a deal with Washington to stem the worst of the White House's levies, with Japan the highest profile economy. However, China warned governments on Monday not to seek an agreement that compromised Beijing's interests. While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products. Beijing has responded with duties of 125 percent on US goods. 'Appeasement will not bring peace, and compromise will not be respected,' a commerce ministry spokesperson said in a statement. 'To seek one's own temporary selfish interests at the expense of others' interests is to seek the skin of a tiger,' Beijing said. That approach, it warned, 'will ultimately fail on both ends and harm others'. The remarks come after Trump said Thursday that the United States was in talks with China on tariffs, adding that he was confident the world's largest economies could make a deal to end the bitter trade war. 'Yeah, we're talking to China,' he said. 'I would say they have reached out a number of times.' 'I think we're going to make a very good deal with China.' Concerns about the global economic outlook pushed safe haven assets higher, with gold hitting a new record high above $3,384. The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell. The president raised worries about the bank's independence when he last week lashed Powell for warning that the tariffs were 'highly likely to generate at least a temporary rise in inflation' and suggested interest rate cuts were unlikely. Trump later called on him to slash borrowing costs and added: 'If I want him out, he'll be out of there real fast, believe me.' Powell has said he had no plans to step down early, adding that he considered the bank's independence over monetary policy to be a 'matter of law'. The dollar fell against its main peers, with the yen and euro among the best performers. French Finance Minister Eric Lombard said: 'Donald Trump has hurt the credibility of the dollar with his aggressive moves on tariffs — for a long time.' If Powell is pushed out 'this credibility will be harmed even more, with developments in the bond market', he told La Tribune Dimanche newspaper. Chicago Fed boss Austan Goolsbee on Sunday told CBS's Face The Nation: 'There's virtual unanimity among economists that monetary independence from political interference — that the Fed or any central bank be able to do the job that it needs to do — is really important.' Stocks had a mixed start to the week, with Tokyo weighed by the stronger yen and Taipei also in negative territory. But Shanghai, Seoul, Singapore, Manila and Jakarta rose. Oil prices dropped on demand fears as worries about the global economy swirl. Traders are keeping tabs on the release of key April manufacturing data around the world this week, hoping for an idea about the early impact of Trump's tariffs. 'One thing that's absolutely clear — and no longer debatable — is that the reputational hit to the US brand is real, and it's not fading quietly into the next news cycle,' said Stephen Innes at SPI Asset Management. 'It's sticking. Investors, allies, and even central banks are starting to bake in the idea that American policymaking, both fiscal and monetary, is now a geopolitical variable — not a given,' he added. – Key figures at 0230 GMT – Tokyo – Nikkei 225: DOWN 1.2 percent at 34,300.35 (break) Shanghai – Composite: UP 0.5 percent at 3,292.98 Hong Kong – Hang Seng Index: Closed for a holiday Euro/dollar: UP at $1.1476 from $1.1371 on Thursday Pound/dollar: UP $1.3353 at $1.3270 Dollar/yen: DOWN at 141.03 yen from 142.33 yen Euro/pound: UP at 85.94 pence from 85.68 pence West Texas Intermediate: DOWN 1.7 percent at $62.91 per barrel Brent North Sea Crude: DOWN 1.7 percent at $66.84 per barrel London – FTSE 100: Closed for a holiday New York – Dow: Closed for a holiday
