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Bonjour et Bienvenue to the Paris Edition. I’m Bloomberg Opinion columnist Lionel Laurent. If you haven’t yet, subscribe now to the Paris Edition newsletter.

‘A  Dark Day’

Humiliation, surrender, defeat – the European Union has come under criticism across the continent for its tariff “deal” with the Trump administration. Yet it’s in France that the anger has come closest to becoming official government policy, with Prime Minister Francois Bayrou describing it as “submission” in a post on X and calling it “a dark day.”

Laying the blame for a botched negotiation or unpopular policy at the feet of Brussels is of course a common occurrence in the EU, whose 27 members’ interests don’t always align. It’s notable that President Emmanuel Macron, who sees the upside of dodging a protracted conflict with a tariff-happy Trump administration, didn’t echo Bayrou’s tone.

Still, the amount of vitriol generated across the political spectrum is remarkable. One of the most extensive takedowns comes from Dominique de Villepin, French foreign minister at the time of the US’s 2003 invasion of Iraq. In a 4,400-word polemic published on the Grand Continent website, he equates it to a vassalization of Europe, whose members are essentially being made to pay for their dependence on the US. 

The EU seems too slow, too divided and too complacent to resist, says Villepin, who spares nobody when sharing out the blame. Germany and Italy’s export industries wanted to cling to the US market; Eastern countries wanted access to American hard power; and France blew hot and cold by talking tough on Trump but pushing for its own sectoral carve-outs. Talk of European sovereignty has failed at first brush with reality.

This is all music to the ears of populist parties, with Marine Le Pen joining the fray to condemn the “fiasco” – even though its source is the Trump she would seek to emulate. On the far-left, Jean-Luc Melenchon has also joined in by promising to fight US imperialism. Even Macron has had to admit the EU needs to toughen up – which doesn’t reflect well on his own success over the past decade in re-molding the EU post-Brexit.

The silver lining is that there is now a widespread recognition that a full-scale hardening of Europe’s economic defenses is needed (see here for a few ideas.) But trying to fix the roof in the middle of a storm – with the tariff blizzard only starting – is never easy.

Must Read Stories

Renault SA picked procurement chief Francois Provost to be its new CEO, confirming an earlier Bloomberg report.

Francois Provost Source: Renault SA

L’Oreal SA shares rose after the French beauty products company’s sales expanded more than expected in North America and returned to growth in China.

Gucci sales plunged as shoppers turned away from Kering’s largest brand that’s undergoing a second design revamp in three years.

Hermes International SCA believes a member of its controlling family no longer holds his shares in the luxury company.

JPMorgan Chase & Co is hiring the co-head of Goldman Sachs Group Inc.’s Paris office as the war for top banking talent intensifies.

Worldline SA booked a €4.1 billion ($4.7 billion) impairment tied to its merchant services business in the second quarter, in the company’s first earnings since facing allegations it ignored warnings of fraud.

French authorities are investigating a network that allegedly tried to court elite university students and junior bankers in the hope of one day getting market-moving intelligence.

The Week Ahead

Tuesday: French June industrial and manufacturing production; budget balance
Thursday: French June trade and current account balance; 2Q wages
Friday: French 2Q jobless rate

For Your Pursuits

The true destination for vegan doughnuts is Paris, according to the minds behind New York’s East Village restaurant Post. Here are five of their favorite plant-based spots.

The peanut-butter-glazed Baby Got Back selection at Boneshaker Donuts & Coffee. Source: Boneshaker Donuts

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