President Donald Trump took a dramatic step toward fulfilling a key campaign promise last week when he implemented sweeping tariffs on a host of countries as a means to rectify massive trade deficits and increase revenue.
French President Emmanuel Macron was among the world leaders outraged by Trump's move, declaring that harsh retaliation was in order, a statement that prompted Ric Grenell, White House special envoy for special missions, to suggest that the U.S. halt loan guarantees that benefit France, as Breitbart reports.
According to Reuters, it was on Thursday that Macron called on companies in Europe to halt planned investments in America as a means of response to Trump's tariffs.
Speaking to a group of industry representatives from his own country, Macron stated, “Investments to come or investments announced in recent weeks should be suspended until things are clarified with the United States.”
The French president further declared Trump's tariff initiative to be “brutal and unfounded, and he vowed that the response would be “more powerful” than prior reactions to American tariffs on steel and aluminum.
Macron's reaction comes in the wake of an announcement made weeks ago by French shipping firm CMA CGM in which plans to invest $20 billion in America were announced and another made by French electrical equipment supplier Schneider Electric pledging an investment of $700 million in the U.S.
Notably, neither firm offered an immediate response to Macron's recommendation that such injections of capital be halted, according to Reuters.
During a Friday appearance on Greg Kelly Reports on Newsmax TV, Grenell wasted little time in responding to Macron's tough talk on Trump's tariffs.
Grenell stated that if Macron moves forward with urging a halt on European investments in America, the U.S. should stop guaranteeing loans made via the Export-Import Bank or the U.S. International Development Finance Corporation (DFC).
Such a move is justified, Grenell said, “if they're going to try to manipulate the tariff process so that they always have one up on us.”
Grenell stated, “Well, look, what President Macron is doing and what the French are doing and what some other countries are doing is trying to retaliate against President Trump trying to make tariffs equal. … President Trump is the first one to actually step out and make it so that it would be equal. But the French have decided to respond, and they are going to increase tariffs.”
The Trump administration official added, “But what the French don't realize is that there [are] a whole bunch of programs, whether it's through one of the entities of the United States called the DFC or the [Export-Import] Bank, where we have guaranteed loans, the American taxpayer has guaranteed loans for the French on some big infrastructure projects. And we shouldn't be doing that.”
Much debate has emerged in recent days as to whether Trump's tariffs are intended to be permanent or are simply a tool of negotiation, and on Thursday, the president indicated his belief that they offer him “great power” to develop deals with foreign leaders, noting that “if somebody said that we're going to give you something that's so phenomenal,” he is open to discussions.
Whether that was Trump's plan all along remains an open question, but on Sunday morning, White House Economic Council Director Kevin Hassett told ABC News, “More than 50 countries have reached out to the president to begin negotiations,” seemingly vindicating that notion that the president's decisive action has, as he put it, placed him firmly in the "driver's seat.”
