French President Emmanuel Macron was on Thursday meeting with the heads of sectors hit by new US tariffs on European Union goods. The 20 percent import tax, announced by President Donald Trump, will hit major French exports including aeronautics, wine and luxury items.
Tariffs are a major policy of Trump’s “America first” agenda, which aims to reduce the US trade deficit – which stood at nearly €100 billion at the end of last year.
While France imports more from the United States than it exports, the US is still its fourth largest export market, after Germany, Italy and Belgium.
France’s €48.5 billion of exports in 2024 will now be subject to Trump’s 20 percent tariffs on goods coming from the European Union.
Several industries are expected to take a hit.
Aeronautics
A fifth of France's exports to the US are linked to aeronautics.
The tariffs will affect €9 billion worth of “aircraft and spacecraft” exported in 2024. The sector is globalised, with many component parts made in other countries.
European aerospace company Airbus, based in France, could be partly protected due to its US operations. Its assembly plant in Mobile, Alabama, produced 500 A320 and A220 aircraft in 2024. Airbus also makes helicopters and space equipment in the US.
French aircraft maker Dassault Aviation, which sells between one third and one half of its private jets in the US, said in early March that its 2025 earnings would depend heavily on the level of import duties.
Luxury goods
Perfumes, toiletries, leather goods and shoes made up nearly 10 percent of French exports to the US in 2024, worth €4.5 billion.
Luxury giant LVMH has production sites in the US, where it makes a quarter of its sales.
Customers in this market may continue buying despite higher prices from import duties.
French winemakers say 'nightmare' Trump tariffs could cost industry €1bn
Wine and cognac
France exports a massive amount of wine and spirits to the US.
France exported €2.4 billion worth of “grape wines” in 2024, including red, white and Champagne. It also exported €1.5 billion in “distilled alcoholic beverages”, mainly cognac.
The French federation of wine and spirits exporters said it expects a drop of around €800 million in exports, which “will have extremely serious consequences” for a sector already in crisis.
Pharmaceuticals
Pharmaceuticals are France’s second biggest export to the US, but they are not included in the new tariffs.
France exported €3.6 billion worth of pharmaceutical products to the US in 2024.
The White House said the exemptions apply to medicines, as well as copper, gold bullion, lumber, semiconductors and “certain minerals that are not available in the United States”.
