What a pleasure it was to host, on September 23, a roundtable discussion bringing together European business leaders, moderated by Ruth Elkrief, who kindly agreed to lead a fascinating debate on the impact of the Trump administration on European companies.
The discussions covered a wide range of topics, including tariffs, the social policies of American corporations, and more broadly the place of European models in a rapidly changing world.
Starting from a reflection focused on the United States and its impact on Europe, the conversation quickly expanded to the role of other global powers—of course China, but also other strategic regions such as Latin America and Africa.
It became clear that Europe’s current difficulties—and those of France in particular—are undoubtedly a call to reinvent ourselves and to find the agility needed to thrive in such a volatile environment.
Our guests very quickly demonstrated a genuine passion for the debate, arriving at a sobering yet undeniable conclusion: we Europeans are struggling to adapt.
- Xavier Unkovic, CEO of Bonduelle, shared his experience of the North American market, emphasizing that the Trump years were not exclusively negative. While the style and tone of the administration may appear inappropriate, its impact on reinvestment in production tools within the U.S. agri-food industry proved to be particularly effective.
- In the same vein, Laurent Freixe, former CEO of Nestlé, stressed American agility, flexibility, and pragmatism. In his view, Europeans now have no choice but to draw inspiration from a certain form of leadership across the Atlantic, as we no longer possess the economic and technological levers needed to impose our models on the rest of the world. This observation applies equally to our relationships with the United States and with China.
For Laurent, the only realistic path forward is to make China a true partner rather than an adversary, and to position Europe as a bridge between different economies rather than as an arbiter. - Sophie Lacoste, Co-Chairman and board member of the Fusalp brand, observes a significant hardening of trade relations. She notes an increasingly direct and uncompromising approach that strongly echoes President Trump’s style and now seems to be spreading well beyond the United States. She also highlights the instability of political decision-making, making regional risk diversification essential.
- Taking a slightly different angle, Axel Adida, Chief Digital Officer of the Beiersdorf cosmetics group, points out that tariffs go hand in hand with the American desire to maintain its technological lead in the face of a surprisingly competitive China. In the beauty and wellness sector—where younger generations drive trends—fashions rise and fall through TikTok and influencers, encouraging consumers to buy more, faster, more expensively… and from new brands. Within these digital consumption mechanisms, Axel observes that U.S. and Chinese tech companies have built a significant lead and continue to invest—particularly in artificial intelligence—at levels far exceeding those of Europe, pulling traditional FMCG manufacturers along in their wake. This technological advantage is already making a difference today… and the gap is widening rapidly. A challenge Europeans must rise to meet.
- Fabien Versavau, former CEO Europe of Rakuten, also highlights this technological edge. The United States has benefited—and continues to benefit—from a powerful inflow of global tech talent, enabling the emergence of the GAFAMs and a multitude of innovative companies, thereby consolidating its position as the world’s leading economic power.
However, Fabien points out the first warning signs that could slow this engine down. The Trump administration has announced the introduction of a $100,000 fee for issuing H-1B visas—visas that have historically allowed many highly skilled engineers, particularly from India, to contribute to the U.S. tech talent pool, especially in the Bay Area. - Anne-Laure Colcy, Executive Vice President at Capgemini Invent – Global Luxury Sector, highlighted the uneven impact of tariffs in the luxury industry. It is indeed difficult to relocate the craftsmanship of a Hermès bag (which requires 10 years of training for an artisan) or the expertise of perfumers from Grasse to the United States; sales prices are therefore inevitably affected.
That said, when it comes to true luxury, a significant price increase for a Ferrari or a Rolex, for example, is unlikely to alter the purchasing intentions of wealthy consumers—particularly in the United States, where price elasticity remains favorable for French and European luxury houses in a market where the purchasing power of target consumers is immense and continues to grow.
Anne-Laure also notes that the U.S. technological lead allows for a better understanding and targeting of consumers—an area in which Asian countries such as China and South Korea also excel. By contrast, Europe appears to be lagging behind in adapting to these new consumption patterns, whether in luxury or other sectors. - For Gaëtan de Lamberterie, Managing Director of Promocash and member of the Carrefour France Executive Committee, the Trump administration’s stance is reshuffling the cards of globalization and forcing companies to rethink how they build and secure their supply chains.
Concretely, it is no longer possible today to rely on a single Asian sourcing strategy for an entire non-food product range. A surcharge or decision by the U.S. administration targeting a specific country is enough to severely disrupt that supply source. Similarly, measures affecting Mexico—one of the world’s leading producers of exotic fruits—require us to reconsider our sourcing strategies to strengthen the security of supplies for products that are widely consumed in Europe. - Christian Bombrun, CEO of Webedia, puts the impact of the new Trump administration into perspective. While he acknowledges the widening gap in innovation and technology—particularly in artificial intelligence—he considers the United States, in terms of his service-based business, to be a market like any other. Instead, he emphasizes the agility of economies that receive less of our attention, notably South Africa, Brazil, and India. These regions are rapidly transforming their production and consumption models, with fewer administrative or political constraints. As Europeans, we may question some of their political systems, but the reality remains: in Europe, our perspective is often too inward-looking, risking an underestimation of deeper global dynamics.
Conclusion
These discussions, skillfully facilitated by Ruth with her characteristic energy and insight, remind us that in a world where innovation and boldness are redefining the rules every day, Europe must move from observation to action.
To remain competitive and continue to carry weight on the global stage, our ability to reinvent ourselves and strengthen our collective agility will be decisive.
