Euronext CEO Stéphane Boujnah said European investors are withdrawing physical gold from U.S. vaults because of concerns about the Trump administration’s erratic trade policies.
In an interview on France Inter, Boujnah said markets are trying to adjust to what he called an “unrecognizable” United States. Global markets suffered heavy losses after President Trump announced broad tariff plans, a move that has generated widespread economic uncertainty.
Although some stabilization occurred on Tuesday as investors looked for buying opportunities, tensions remain high: China has warned it will retaliate against further U.S. tariff increases, and that threat continues to weigh on investor sentiment.
Boujnah noted that more investors now see Europe as a source of greater legal certainty and environmental stability compared with the U.S., which he suggested has taken on characteristics closer to an emerging market rather than the steady economic power it once was.