The Monaco Economic Board (MEB) and Jutheau Husson welcomed economist Jean-Pierre Petit to the Méridien Beach Plaza on Friday 12th September, for a thought-provoking conference titled ‘Trump and the World: where are we heading?’. The President of Les Cahiers Verts de l’Économie delivered an incisive analysis of Donald Trump’s second term in the White House, a presidency he described as “historic, whether you like it or not”.
Nine months into Trump’s return to power, Petit argued that the American leader has cemented his place as a pivotal figure in world affairs. According to him, the hallmark of this presidency is a resolute reassertion of national sovereignty and a pragmatic international agenda. “It’s not America above everyone else; it’s America first,” Petit remarked.
On the domestic front, he suggested that Trump does not represent a threat to democracy or the rule of law, though he contended that “political legitimacy must take precedence over the activism of judges”. His economic policy, meanwhile, remains sharply debated, from tariffs and protectionism to a worldview that casts the US as a victim of globalisation — all underpinned by America’s unrivalled economic and military power.
Europe caught in the middle
Turning his focus to Europe, Petit painted a sobering picture of the continent’s vulnerabilities. He pointed to growing dependence on the US in fields such as energy, technology and defence, and issued a strong critique of Europe’s leadership, labelling it “naive and pusillanimous.” This lack of strategic autonomy, he warned, risks undermining Europe’s long-term competitiveness and sovereignty.
A fragile global economy
Petit widened his analysis to global markets, noting contradictory signals within an economy “searching for resilience.” Inflationary pressures, tariff uncertainties, and the twin challenges of the energy and digital transitions weigh heavily on future growth. While growth prospects remain modest but not alarming, he cautioned that much will depend on the capacity of investment to offset labour market weakness and softening household demand.
Investment advice: prudence and diversification
As is tradition during his Monaco appearances, Petit concluded by offering advice to investors. Warning that US equity markets are nearing “bubble territory,” he nevertheless acknowledged them as an appealing option, alongside Chinese and Korean markets. Gold, he said, remains a safe haven despite its high valuation. Above all, his guidance was clear: prudence and diversification should guide any strategy.
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Photo from left to right: Philippe Ortelli, Vice-President of the MEB; Michel Dotta, President of the MEB; Jean-Pierre Petit, President of Les Cahiers Verts de l’Économie; Patricia Husson, Honorary President of Jutheau Husson; Hervé Husson, President of Jutheau Husson; Guillaume Rose, Chief Executive Officer of the MEB. Credit: MEB / Sébastien Darrasse