In his speech at the Davos Forum on January 21, 2026, Donald Trump claimed he forced Emmanuel Macron to raise drug prices in France under threat of tariffs. The Élysée immediately denied these statements, noting that prices are set by Social Security and have remained stable. This controversy highlights transatlantic tensions over trade issues.
On January 21, 2026, at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump delivered a two-hour speech covering the American economy, criticisms of Europe, and his ambitions for Greenland. Among the anecdotes shared, Trump described an alleged phone call with French President Emmanuel Macron regarding drug prices. “I said to Emmanuel: ‘you’ll have to raise the price of the drugs’,” he stated, claiming he threatened 25% tariffs on French imports and 100% on wines and champagnes if Macron refused. According to Trump, it took “only three minutes” to secure France’s agreement, after reminding that the U.S. subsidizes low global drug prices for decades.
The Élysée responded swiftly via a post on X (formerly Twitter), in French and English: “It seems President Emmanuel Macron would have increased drug prices. He does not set their prices. These are framed by Social Security. They have moreover remained stable. Everyone who has entered a French pharmacy knows this.” This denial emphasizes that drug prices in France are regulated by Social Security, not the president, and no increase was imposed.
Trump’s claim is not isolated; he had already mentioned a similar exchange on January 6 before Republican lawmakers, threatening tariffs on French wines. Trump’s speech, delayed by an airplane issue upon arrival in Davos, elicited mixed European reactions: relief at the lack of radical novelties, but disillusionment over persistent threats on Greenland and trade. European leaders, like Danish Foreign Minister Lars Løkke Rasmussen, noted that U.S. ambitions remain intact, while Brussels opts for discretion. Emmanuel Macron, in his speech the previous day, advocated for an autonomous Europe vis-à-vis the U.S., favoring respect over coercion.
