{"id":33771,"date":"2026-01-20T17:36:24","date_gmt":"2026-01-20T16:36:24","guid":{"rendered":"https:\/\/news.banquerichelieu.com\/?p=33771"},"modified":"2026-01-20T17:36:25","modified_gmt":"2026-01-20T16:36:25","slug":"market-flash-customs-duties-to-consolidate-the-western-hemisphere-of-the-united-states","status":"publish","type":"post","link":"https:\/\/news.banquerichelieu.com\/en\/2026\/01\/20\/market-flash-customs-duties-to-consolidate-the-western-hemisphere-of-the-united-states\/","title":{"rendered":"Market Flash &#8211; Customs duties to consolidate the western hemisphere of the United States"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">Last Saturday,\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">Trump increased the pressure on European<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0countries that defend the sovereignty of the Kingdom of Denmark over\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">the autonomous territory of Greenland<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">. The official objective of the Trump administration is to acquire this territory in order to strengthen the national security of the United States. Following the deployment of European military personnel to Greenland, it is difficult to imagine Trump directly confronting the American army; he therefore announced an additional\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">10% in customs duties<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0on Scandinavian countries, France, Germany, the United Kingdom and the Netherlands, applicable as of\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">next month and raised to 25% in June<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0if no progress is made on the Greenland issue. Trump is once again applying the methods described in The Art of the Deal.\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">The United States still benefits from strong economic and financial indicators<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0despite, for example, the implementation of its protectionist trade policy.\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">Customs duties are thus being used as a foreign policy tool against its NATO allies<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">. Some European countries see this as a form of coercion and are advocating for a commercial response. However, since these countries already gave in on this issue last summer,<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0Trump is once again exploiting this weakness.<\/b><\/li>\n\n\n\n<li><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">In response to this new\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">economic standoff<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">, financial markets have been reacting consistently since last Friday.\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">Long-term rates are rising slightly<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0(+4.29% for the US 10\u2011year, +7 bps; 2.88% for the German 10\u2011year, +6 bps compared to Friday), reflecting only a limited integration of the inflationary risk linked to customs duties.\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">The stocks most exposed to transatlantic trade are falling more sharply\u00a0<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">(LVMH -7%, Herm\u00e8s -6%, Porsche -5%, Airbus -5%). The S&amp;P 500 dropped as much as -1.6%. Finally,\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">the EUR\/USD exchange rate<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0<\/span><b style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">appreciated by about 1.5%,<\/b><span style=\"font-family: Arial, sans-serif; caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal;\">\u00a0signaling distrust toward the dollar zone since Friday<\/span>.<\/li>\n\n\n\n<li><b style=\"caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-family: &quot;Times New Roman&quot;, serif; font-size: 12pt; text-align: justify; white-space: normal;\"><span lang=\"EN-US\" style=\"font-family: Arial, sans-serif; background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box;\">Trump is therefore likely initiating a new negotiation with European countries<\/span><\/b><span lang=\"EN-US\" style=\"caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12pt; text-align: justify; white-space: normal; font-family: Arial, sans-serif; background-image: none; background-position: 0% 0%; background-size: auto; background-repeat: repeat; background-attachment: scroll; background-origin: padding-box; background-clip: border-box;\">, the outcome of which will be more or less favorable to the United States and probably unfavorable to Europe:\u00a0<b>increased customs revenue for the federal government, a European financial contribution to the defense<\/b>\u00a0of the American continent from Greenland, and\u00a0<b>resource\u2011exploitation conditions<\/b>\u00a0in Greenland that benefit the United States. Trump is using\u00a0<b>American power to consolidate<\/b>\u00a0what he calls the\u00a0<b>Western Hemisphere<\/b>. In the\u00a0<b>short term<\/b>, the real\u00a0<b>counterweights<\/b>\u00a0to his administration remain sovereign interest rates and the stock market\u00a0; two key elements for\u00a0<b>household purchasing power<\/b>,\u00a0<b>the main issue in the midterms.<\/b><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":33772,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[66],"tags":[],"class_list":{"0":"post-33771","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro-markets"},"acf":[],"_links":{"self":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/33771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/comments?post=33771"}],"version-history":[{"count":1,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/33771\/revisions"}],"predecessor-version":[{"id":33774,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/33771\/revisions\/33774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/media\/33772"}],"wp:attachment":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/media?parent=33771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/categories?post=33771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/tags?post=33771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}