French Prime Minister François Bayrou declared on Thursday that the new tariffs imposed by U.S. President Donald Trump constitute a "disaster" for both Europe and the United States.

Speaking to BFMTV news channel on the sidelines of a Senate conference, Bayrou stated: "This decision is a catastrophe for the global economy. It presents an enormous challenge for Europe and I believe it's equally disastrous for the United States and American citizens."

He warned that "the idea that each major world region will close in on itself and that trade wars will become the new norm... unfortunately poses significant long-term risks."

The French PM accused the U.S. government - "the most important nation on the planet" - of "turning against its allies" and "abandoning solidarity with them" through these trade war measures.

In related developments, the French presidency announced that President Emmanuel Macron would meet with representatives from industries affected by the U.S. tariffs at the Élysée Palace later Thursday.

The economic impact was immediately visible as Paris's CAC 40 index, tracking France's top 40 companies, plunged 2.16% at market opening. Luxury goods and automotive parts stocks were particularly hard hit.

This comes after Trump signed what he called a "historic" executive order yesterday imposing "reciprocal tariffs" on trading partners worldwide, though he noted tariffs wouldn't be uniformly applied and would vary by country.

The U.S. President argued these measures would revive American jobs and manufacturing, urging consumers to "buy American." However, the EU, China, Japan, South Korea, Colombia and Mexico have all expressed strong opposition and announced plans for retaliatory tariffs.