Editorial – Worst Enemy | L’Economiste

Today, when America sneezes, markets catch a cold—even in Casablanca. The stock exchange, typically only loosely correlated with major geopolitical tensions, did not escape the prevailing nervousness. Why such a reaction, so far from the heart of the U.S. trade war? Because Morocco’s economy, increasingly integrated into global value chains, depends heavily on the smooth flow of international trade.

History never repeats itself, they say but it often stutters. With the thunderous return of Donald Trump and his tariff hike announcements, the global economy seems to be reliving the early signs of a familiar chapter: a renewed surge in protectionism.

Tariffs, while offering short-term protection to certain American industries, will, according to analysts, drive up costs for both consumers and import-reliant businesses. Even within the United States, voices are already warning of creeping inflation and a threatened competitiveness.

The international context is no longer just background noise it has become a strategic variable. What markets are signaling, in their typically abrupt manner, is that the global economy has entered an era of chronic instability.

For countries like Morocco open but dependent these tensions are a powerful wake-up call: the time has come to rethink economic models that can no longer be viewed in isolation. That means accelerating our capacity to produce locally, diversifying our export markets, strengthening regional partnerships (such as through the AfCFTA), and investing more in industrial upgrading so we’re not stuck in the most vulnerable segments.

Time is running out. It will be our worst enemy.