G7 business priorities and Europe's competitiveness (with Tom, Guy, Anna)

Fabrice Le Saché says the business community is united on 95% of topics ahead of the G7, raising flags on tariff and non-tariff barriers as a lose-lose game. He expresses frustration that Europe has not done its homework on competitiveness, innovation, and single market integration, while China's overcapacity is a global issue. The transatlantic business dialogue remains positive despite political tensions.

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G7 business priorities and Europe's competitiveness (with Tom, Guy, Anna)

G7; Europe

Fabrice Le Saché

The business community is united on 95% of topics. We are raising flags on tariff and non-tariff barriers—it's a lose-lose game, and we see the results already in the US and everywhere when barriers are erected.

We gathered with counterparts from US, Canada, Japan, Italy, Germany, UK to have proposals on tariffs, energy costs, AI disruptions, and environmental transition.
Fabrice Le Saché

On Iran and the Strait of Hormuz, there is no panic mode but serious concern. The impact varies: Asia is more impacted than Europe, and within Europe, Italy and Germany are more impacted than France due to nuclear energy.

Many corporates are hedged with multi-year contracts, so it depends on whether you are an energy-intensive industry and in which country.
Fabrice Le Saché

Europe did not do its homework on competitiveness, innovation, or investment. Draghi's report is not executed well. The single market is not integrated—tariffs inside the EU are 50% for goods and over 110% for services due to protectionism and regulation.

The US tells us our problems are non-tariff barriers: CS3D, CSRD, all the green regulation, digital tax. Europe has 27 countries, it's a nonsense. The speed of regulation is not at the speed of corporate life.
Fabrice Le Saché

The transatlantic business dialogue is positive. The US is a very important partner, but 80% of Europe's global trade is outside the US. We share an appetite for freedom, markets, and rule of law, which creates trust between businesses.

We want to deepen ties with the US, but we are also rushing to sign with Australia, India, UAE, Mexico. The G7 countries have a role to play at a time when multilateralism is at stake.

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