00:00The 25th would have been the year of the recovery of consumption.
00:07The recovery of consumption would have been driven by the recovery of the income of families,
00:12linked to the decline of inflation, increases in wages due to the new contracts
00:17would have substantially allowed a phase of growth of real wages.
00:22However, we have seen since the 24th that families are very prudent.
00:26They are very prudent and increase the saving rate when the income increases.
00:31Therefore, this income struggles to translate into higher consumption.
00:35They count on interest rates, but they also count on prudence,
00:38which is also linked to geopolitical factors.
00:41News do not help, international policy has become more complex
00:45and families are also afraid of the fact that a tariff war
00:49may trigger prices increases again and damage this recovery of purchasing power.
00:54Naturally, companies, to face a more uncertain environment,
00:59could pull the reins, invest a little less to try to safeguard their liquidity
01:05and wait for the international regulatory context to be clearer.
01:09In short, Trump is not doing America good, but he is creating some problems in Europe too.
