In absolute terms, no EU country holds more consolidated national debt than France. Europe's debt kingFrance's debt-to-GDP ratio is so high that within the European Uniononly Greece and Italy surpass it. Stalled reformsAccording to Heinemann, France, like Germany, urgently needs major welfare reforms and spending cuts. For Heinemann, many political actors in France are "Trumpists at heart," especially on the left and right of the political spectrum. "They could increase pressure on the European Commission to retaliate against Trump's tariffs with European tariffs," the economist warned, which would "raise the risk of a real trade war" and worsen the country's debt crisis even further.