Cheap energy, huge customer base, “probusiness” authorities… French industry still succumbs to the American magnet

In Houston, Wednesday October 21, the mood is high around the barbecue which closes the first day of the North America Forum of French foreign trade advisors. Engie, Vicat… Industrialists are exploring the “new frontiers of the global economy”. A fitting theme: since his return to the White House, Donald Trump has reshuffled the cards of world trade with customs duties.

In this landscape, one constant: the insatiable appetite of French groups for the immense American market. In July, Air Liquide announced more than $680 million in investments. Bouygues Construction bought the American company Vannoy. On October 1, CMA CGM acquired FedEx Supply Chain, valued at $1.4 billion. An operation which is part of the 20 billion investments over four years promised by Rodolphe Saadé to Donald Trump. On March 6, 2025, the image went around the world: the Marseille billionaire, arms crossed in the Oval Office behind Donald Trump. The president saw it as the fruit of his protectionist policy.

In the midst of a customs war with Europe, French announcements were already pouring in: more than 700 million dollars at Schneider Electric by 2027, at least 20 billion at Sanofi by 2030. Enough to give rise to accusations of allegiance. As the midterms approach, the groups remain discreet about the promised sums already invested in factories, buyouts and R&D. And invoke the long term. “Many projects were already well advanced before these announcements,” says Schneider Electric. “There was no acceleration linked to Trump. We are in continuity,” says Sophie Fouillat, general director of strategy at Arkema. “Our strategy in the United States does not depend on a particular administration or political cycle,” Saint-Gobain evades. “With Trump, it’s with him or against him,” analyzes an expert. Some leaders have played the opportunism card: announcing investments already planned, not always verifiable, in order to flatter their ego. »

Is the advent of a Trump possible in France? “The character hasn’t introduced himself yet, but the stage is set”

Trump effect or not, the figures confirm the appetite for conquest. According to the Bureau of Economic Analysis, new French direct investments in the United States reached $21.6 billion in 2025, compared to 4.6 in 2024. Nearly five times more, but less than in 2021. The American magnet is less political than structural. The IMF forecasts growth of 2.3% for 2026. Housing, infrastructure: needs abound. Insulating houses or building hospitals is not decided at the pace of elections. The proliferation of data centers, which consume energy and materials, open up opportunities. Two criteria count when investing, recalls Thierry Mayer, economist at Sciences-Po: “Costs and access to the market. Cheap energy, huge customer base: the country ticks both boxes. » Above all, in this federal state, support goes beyond the White House. “Local authorities are pro-business and encourage the establishment of activities,” underlines Matthieu Giard, member of the Air Liquide executive committee, citing Texas and Louisiana.

Machine-translated from French