France’s President Emmanuel Macron gives a press statement near the Metropole Hotel before attending a state dinner in Hanoi on May 26, 2025.
Ludovic Marin | Afp | Getty Images
French President Emmanuel Macron visiting Vietnam and Swedish automaker Volvo Cars laying off employees might not appear to have much in common.
But they are, on some level, strategic maneuvers in response to U.S. President Donald Trump’s deployment of 50% tariffs on the European Union, which he later delayed.
Macron sealed a deal with Vietnam for the Asian country to buy 20 jets from European planemaker Airbus, building on an earlier agreement for a similar quantity.
And Volvo Cars’ layoffs reflected growing pressure on the company to cut costs. The Swedish automaker has already pulled a China-made car completely out of the U.S. markets because of Trump’s tariffs on Beijing. The company, which is owned by China’s Geely Holding, also withdrew its financial guidance for both 2025 and 2026, citing tariff pressure on the automotive sector.
Hence, while there may be sighs of relief in Brussels for now, Trump’s tariff bluster will continue to roil the global economy and investor confidence.
What you need to know today
And finally…
Cher on 60 years of fame: Music, movies and giving back
Pop icon, movie star and conservationist Cher’s career spans from the 1960s to 2020s—an incredible seven decades. Over the years, she has sold millions of albums, won an Oscar and co-founded a charity which works to free animals from captivity. In this edition of CNBC Meets, Cher speaks to Tania Bryer about the ambition that drove her success, activism and why her next album might be her last.
