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 >>

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.

October 17, 2025

Multinational Enterprises Have Favored Employment in Their Domestic Affiliates since the Covid-19 Shock
Camilo Umana Dajud, Vincent Vicard, Constance Marette
Multinational enterprises (MNEs) have proven being more resilient in terms of employment than purely domestic groups since the health crisis, especially in their home country.

September 15, 2025

The impact of international trade on France's carbon footprint
Pierre Cotterlaz, Christophe Gouel
The geographical origin of France's imports played a decisive role in the increase of its carbon footprint during the 2000s. This trend is primarily explained by the "China shock" followed by the rise in the economy's openness rate.

September 1, 2025

European agri-food: sectoral contrasts in the face of trade liberalization
Charlotte Emlinger, Houssein Guimbard
In discussions surrounding international trade agreements, European agriculture is often portrayed as a homogeneous sector, unable to compete on the global stage. This oversimplified perception fuels ongoing debates over market liberalization, foreign competition, and the safeguarding of domestic industries.

Trade & Globalization

Competitiveness & Growth

Emerging Countries

Environment & Natural Resources

LE Graphique – THE Chart

France’s Exorbitant Privilege

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. 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

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

Cryptomercantilisme et souveraineté monétaire : le défi des stablecoins américains pour l’Europe

Taxer les multinationales à l’ère du retour de l’unilatéralisme

International Trade by Production Stage: What’s Real?

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

The Variance of Gravity

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

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Coming Events

Le CEPII, partenaire de la Cité de l'économie. Table ronde "Les nouveaux défis de l'industrie française"
November 15, 2025

15th Annual International Conference on Immigration in OECD Countries
December 11 - 12, 2025

7th EMME Workshop Emerging Market MacroEconomics
March 20, 2026

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Past Events

The CEPII research seminar "International Banking Flows and Financial Crises"
November 6, 2025

Sovereign Default and IMF Stabilization: Lessons from Sri Lanka
November 5, 2025

Le CEPII, partenaire des JECO 2025 : table ronde "La mondialisation à l’épreuve de Trump"
November 5, 2025

Le CEPII, partenaire des JECO 2025 : table ronde "L'avenir du Made in France"
November 5, 2025

Industrial Policy: Managing Trade-Offs for Growth and Resilience. Discussion of the chapter of the IMF World Economic Outlook 2025
November 4, 2025

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