Lhe American president, often regarded in Europe with a mixture of fear and condescension, is furious: an Asian giant, seemingly impossible to stop, is exporting too much, devouring market share. Its currency is artificially undervalued, thunders the head of state, who believes that it is time to put an end to this global economic imbalance. In passing, the most powerful man on the planet attacks the Europeans, who are also net exporters to the United States, starting with Germany.
The year is 1985, the president in question is Ronald Reagan, and the Asian competitor is Japan. “The parallel with this era is striking”notes Nicolas Goetzmann, director of economic research at Financière de la Cité, a management company. The outcome of this crisis took place at the Plaza Hotel, in New York, on September 22, 1985. The main economic powers agreed to bring down the dollar, by acting together on the foreign exchange markets. The yen, the mark and even the franc are soaring.
Four decades later, could a new “Plaza agreement” be possible, replacing China with Japan? For several months, the business community has been buzzing about the idea of a “Mar-a-Lago agreement”, which would allow Donald Trump to raise the yuan or the euro and claim victory in his trade war. facing the rest of the world.
In November 2024, Stephen Miran gave a very detailed speech, suggesting a possible solution. The man is not just anyone: he must take over under Donald Trump as president of the Council of Economic Advisers, the White House’s economic advisory body. “Rememberhe explained in his speech, that President Trump sees tariffs as a negotiating tool (…). It’s easier to imagine that after a series of punitive tariffs trading partners like Europe and China would be more receptive to some sort of currency deal. »
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