CEPII - Accueil

American Protectionism: The Stakes of July 9, 2025

Following the inauguration of the new Trump administration on January 20, 2025, a return to traditional protectionism was expected, but few foresaw its intensity. On April 2, the “Liberation Day,” President Trump announced “reciprocal tariffs” - hikes of 11 to 50 percentage points against 57 trading partners accused of exploiting the U.S. Yet, just a week later, on April 9, he reversed course, declaring a 90-day pause and replacing the plan with a universal 10-point tariff surcharge. Continue reading >>

December 18, 2025

Immigrant Employment in Intermediate Sectors Enhances Downstream Export Performance
Amandine Aubry, Anthony Edo
A sector’s export performance depends not only on the immigrant labour it employs directly, but also on immigrant workers employed in upstream sectors.

November 28, 2025

Low-Value Packages: An Illustration of China’s Export Reorientation Toward the EU
Charlotte Emlinger, Kevin Lefebvre, Vincent Vicard
In response to the sharp increase in U.S. tariffs on Chinese imports, Beijing is redirecting part of its export flows toward new markets. For certain products, the European Union (EU) has emerged as a preferred destination.

November 14, 2025

Dynamics of World Trade: A Question of Prices?
Pierre Cotterlaz, Guillaume Gaulier, Aude Sztulman, Deniz Ünal
Behind the expansion or slowdown of world trade in value terms lies a key factor: price movements, which are often sharply contrasted across categories of traded goods.

November 5, 2025

France’s Exorbitant Privilege
Laurence Nayman, Vincent Vicard
Despite its clear net debtor position, France receives more investment income than it pays out — a form of “exorbitant privilege” long associated with the United States.

Trade & Globalization

Competitiveness & Growth

Emerging Countries

Environment & Natural Resources

LE Graphique – THE Chart

Immigrant Employment in Intermediate Sectors Enhances Downstream Export Performance

A sector’s export performance depends not only on the immigrant labour it employs directly, but also on immigrant workers employed in upstream sectors. Read more on the blog

Beyond Energy Costs: Demand, the Forgotten Driver of Competitiveness

The recent energy crisis has brought energy prices back to the forefront of industrial concerns. While much of the debate has focused on this issue, another key determinant – too often overlooked – plays a critical role in shaping industrial competitiveness: fiscal policy and its impact on demand. Expansionary fiscal policies can erode competitiveness by pushing up prices, which in turn weighs on exports. On average, over the past three decades, a 1% increase in demand in advanced economies has resulted, within three years, in a 1.8% decline in exports of manufactured goods. However, the impact on value added depends on the degree of trade openness. In sectors with low exposure to international trade, domestic sales can offset declining exports, meaning that stronger demand boosts manufacturing value added. By contrast, in highly open sectors, the fall in exports outweighs gains in domestic sales, ultimately reducing value added. Continue reading >>

Analysis and debates

Do Anti-immigration Attitudes Discourage Immigration? Evidence from a New Instrument

This Working Paper investigates the effect of anti-immigration attitudes on immigration plans to Europe. The authors propose a new instrument for attitudes toward immigration, namely, the number of country nationals killed in terrorist attacks taking place outside of Europe. The first-stage results confirm that such terrorist attacks increase negative attitudes to immigration in the origin country of the victims. The second-stage results then show that this higher hostility toward migrants decreases the attractiveness of the country for prospective immigrants. Continue reading >>

Publications

La rareté : un défi pour évaluer les effets des accords commerciaux

How International Trade Shaped France’s Carbon Footprint

L’approfondissement des accords commerciaux dans les PED a-t-il bénéficié aux exportations des entreprises?

Monetary Policy and Life Insurance Profitability: Bancassurance’s Edge in a Low-Yield World

Global Spillovers of US Monetary Policy: New Insights from the Remittance Channel

The Impact of the Far Right on Mainstream Politics: Evidence from the Front National

What Strategy Should the European Union Adopt in the Face of US Protectionism?

Working Around Sanctions. What Cost to Russia?

Trump 2.0 Tariffs: What Cost for the World Economy?

Health Products in International Trade: a Full-Fledged Industry Grouping

CEPII Region Profiles: indicators, databases and classifications

CEPII Country Profiles: indicators, databases and classifications

See all

Coming Events

Le CEPII, partenaire de la Cité de l'économie. Table ronde "Migrations internationales : rien que la vérité !"
January 10, 2026

L'impact de l'immigration sur le marché du travail
January 27, 2026

Les stablecoins, le dollar et l’euro
January 29, 2026

Le CEPII, partenaire de la Cité de l'économie. Table ronde "Qui gouverne le climat ?"
February 7, 2026

See all

Past Events

Séminaire de recherche du CEPII : "When Neighbors Stop Knocking: The Impact of Canada's 2025 Tourism Decline on U.S. Local Businesses"
December 18, 2025

Spending Smarter: How Efficient and Well-Allocated Public Spending Can Boost Economic Growth
December 17, 2025

Le CEPII, partenaire de la Cité de l'économie. Table ronde " Cinéma, mode, jeux vidéo : la culture, super-pouvoir mondial "
December 15, 2025

Le CEPII, partenaire de la Cité de l'économie. Table ronde " Qui gouverne le climat ? "
December 15, 2025

See all