The United States is beginning to exhibit the traits of an emerging market economy rather than a stable, developed one, according to Stéphane Boujnah, CEO of pan-European stock exchange operator Euronext.
Speaking on France Inter radio Tuesday, Boujnah pointed to growing uncertainty and market volatility following the U.S. government’s sweeping imposition of tariffs on global imports.
“Fear exists all over,” he said. “We are living through a period of transition. The United States, once a dominant global power reflecting European-style values and institutions, now resembles more of an emerging market.”
His comments come days after President Donald Trump introduced new tariffs on all U.S. imports, starting at a baseline of 10% and climbing up to 50% on select goods. The administration says the move is aimed at revitalizing America’s industrial base, which Trump claims has eroded due to decades of global trade liberalization.
Global investors, however, are reacting with caution. Boujnah said capital flows are shifting, with money increasingly moving out of the U.S. and into European markets.
Despite the turbulent outlook, Boujnah highlighted some signs of optimism: falling oil prices and lower long-term interest rates could soften the impact of the tariffs. “There are still opportunities, especially for Europe,” he added.
The shift in tone from one of the world’s most prominent financial voices adds to growing concern among global leaders and economists about the direction of U.S. economic policy—and the potential ripple effects for the broader global market.
