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VEND.11, SAM. 12 & DIM. 13 AVRIL 2025 - N°6988 NE PEUT ÊTRE VENDU SÉPARÉMENT DÉPÔT LÉGAL 100/1991 DIRECTEUR DE PUBLICATION KHALID BELYAZID

Le premier quotidien économique du Maroc

Trump Tariffs/Casablanca Stock Exchange

«Remain

selective

and favor

companies

with strong

balance

sheets»

Social Reforms Social Progress Fez Festival of World Sacred Music

Dialogue or CNSS Pension The Program of the 28th

Showdown? Starting at 600 DH Edition Finally Revealed

EDITORIAL Worst Enemy Meriem OUDGHIRI

T ODAY, when America sneezes, markets catch a cold—even in Casa- nesses. Even within the United States, voices are already warning of creeping
blanca. The stock exchange, typically only loosely correlated with major inflation and a threatened competitiveness.
geopolitical tensions, did not escape the prevailing nervousness. Why The international context is no longer just background noise it has become a
such a reaction, so far from the heart of the U.S. trade war? Because Morocco’s strategic variable. What markets are signaling, in their typically abrupt manner,
economy, increasingly integrated into global value chains, depends heavily on is that the global economy has entered an era of chronic instability.
the smooth flow of international trade. For countries like Morocco open but dependent these tensions are a powerful
History never repeats itself, they say but it often stutters. With the thunderous wake-up call: the time has come to rethink economic models that can no longer
return of Donald Trump and his tariff hike announcements, the global economy be viewed in isolation. That means accelerating our capacity to produce locally,
seems to be reliving the early signs of a familiar chapter: a renewed surge in diversifying our export markets, strengthening regional partnerships (such as
protectionism. through the AfCFTA), and investing more in industrial upgrading so we’re not
Tariffs, while offering short-term protection to certain American industries, will, stuck in the most vulnerable segments.
according to analysts, drive up costs for both consumers and import-reliant busi- Time is running out. It will be our worst enemy.❏