PARIS, April 8 – The global economic community is voicing concern as the United States appears to undergo a significant transformation in its economic behavior and policy direction. This shift has sparked reactions across major financial markets and has prompted strong commentary from international financial leaders, including the CEO of Euronext, Stephane Boujnah.
During a recent interview on French radio, Boujnah expressed deep concern over the current trajectory of the U.S. economy. He noted that the once-stable image of America as a dominant economic force aligned with Western institutions and values is slowly giving way to characteristics more typically associated with emerging markets. His remarks come in the wake of sweeping tariffs recently imposed by the U.S. government, which have shaken global investor confidence and triggered notable market volatility.
According to Boujnah, the change in the U.S.’s economic conduct marked by aggressive protectionism and sudden policy shifts has created an environment of deep uncertainty. Investors, he explained, are finding it increasingly difficult to interpret or predict policy decisions, leading to a heightened sense of risk and instability. He described this as a kind of systemic intimidation, where constant changes erode traditional confidence in the U.S. as a reliable economic partner.
Tariffs Signal a Shift Toward Protectionism
The newly introduced tariffs, which include a blanket 10% rate on all imports with some categories facing rates as high as 50%, are a major driver behind this change in perception. The U.S. administration has defended the move by arguing that it will restore the country’s industrial base, which officials claim has been hollowed out by years of open trade and globalization.
While such strategies are not unfamiliar in the world of emerging economies where protectionist measures are often used to shield developing industries from foreign competition they are rare in advanced, developed nations that typically promote free trade and market openness. As a result, the international financial community is reassessing how it views the U.S. within the global market framework.
Boujnah pointed out that this fundamental policy shift is forcing global investors to rotate assets more aggressively, reallocating funds away from the United States toward regions like Europe, where the economic climate appears comparatively more stable. European markets, while not immune to global shocks, have benefited from this capital movement, experiencing a bounce from recent lows.
Volatility and Market Reactions
The financial markets have responded with significant turbulence. American and global indices saw a string of losses following the announcement of the tariffs, reflecting investor anxiety about what may come next. Even though European markets showed signs of recovery, they remained highly sensitive to developments tied to the U.S. trade agenda.
There is a broader sentiment that the United States, under current leadership, is entering a phase of economic nationalism that contrasts sharply with its post-World War II role as a champion of global capitalism and cooperation. For decades, the U.S. served as a stabilizing force in international trade, promoting systems that favored mutual benefit and long-term collaboration. Now, the pivot toward unilateral trade decisions has many questioning whether that role is still relevant.
Boujnah emphasized that this is more than a policy debate it’s a psychological shift. “There is a sense of mourning,” he stated, referring to the loss of the familiar America that was deeply integrated with European economic and institutional frameworks. Today’s uncertainty is not just economic but symbolic, representing a departure from shared values and predictable governance.
Hope Amid the Uncertainty
Despite the gloom, Boujnah did offer some positive insights. He noted that oil prices and long-term interest rates have declined, which could provide relief to businesses and consumers. Furthermore, the capital leaving the U.S. is finding new homes in European investments, potentially strengthening the continent’s financial markets in the short term.
Meanwhile, the European Commission is preparing a response, proposing its own set of counter-tariffs on U.S. goods. These could reach up to 25% on certain imports, signaling that the trade dispute may escalate further before any resolution is reached. Nevertheless, the European response appears more measured, aiming to maintain equilibrium while defending key industries.
As the situation continues to evolve, global financial leaders, investors, and policymakers will be watching closely. The transformation of the U.S. economic identity from a pillar of global order to a nation experimenting with emerging market tactics—raises fundamental questions about the future of international economic relations.
In this climate, one thing is clear: the rules of engagement are changing, and the effects are rippling far beyond America’s borders.