The United States has started to resemble an emerging market rather than a developed nation, says the head of Euronext, a pan-European stock exchange operator. 

Speaking on France Inter radio, Euronext CEO Stephane Boujnah expressed concerns about the uncertainty sparked by extensive new tariffs implemented by President Donald Trump, stating, “The United States is unrecognizable… We are living in a transition period.”

“The United States that we had known for the most part as a dominant nation resembled the values and institutions of Europe and now resembles more an emerging market,” Boujnah added.

He attributed the volatility in US financial markets to growing investor fears stemming from Trump’s unpredictable decision-making, describing this anxiety as a form of systemic intimidation that is difficult to navigate.

Boujnah pointed to a trend of capital moving out of the United States to Europe.

The US has rolled out sweeping tariffs on imports, ranging from a minimum of 10% on all goods to targeted rates as high as 50%.

World leaders have criticized Trump’s tariffs, with several countries promising reciprocal measures.

China has condemned “unilateral bullying” practices and, in response to the newly imposed tariffs of at least 104 percent, warned that it is ready to fight to “the end.”

Market experts predict that the escalating “tit-for-tat” trade war will heighten investor fears and negatively impact global trade.

The implications of these tariffs extend to American consumers, who are bracing for rising retail prices. A report from the Tax Foundation estimates that the new tariffs could cost US households approximately $3.1 trillion over the next decade, translating to an average tax increase of $2,100 per household by 2025.

The prospect of inflation and surging prices has led many American shoppers to begin stockpiling non-perishable items, reminiscent of the panic buying witnessed during the early days of the COVID-19 pandemic.

Manish Kapoor, founder of a supply chain management firm, noted that the tariffs are reviving concerns over potential product shortages.

Economists warn that the tariffs could reignite inflation, heighten the risk of a US recession, and significantly increase costs for American families—an alarming development for a president who vowed to reduce the cost of living.

As the situation unfolds, the uncertainty surrounding US trade policies and their ramifications continue to loom large over both the economy and consumer behavior.