French economist Gabriel Zucman is calling for European governments to target American billionaires in response to President Trump’s attempt to acquire Greenland, a mineral-rich island. In a post on Substack, Zucman suggested that access to the European market for billionaires and their companies should depend on them paying a wealth tax, effectively a “tariff for oligarchs.” For instance, he mentioned that if Elon Musk wants to sell Teslas in Europe, he should be required to pay this tax, or Tesla would lose market access.
Zucman’s proposal followed Trump’s threats to impose tariffs on various European nations if they resist his Greenland acquisition push. Zucman emphasized that these measures could help counter Trump’s nationalist rhetoric by targeting wealth rather than national pride, thereby weakening his support.
The article highlights that the potential benefits of Greenland’s resources mainly appeal to American oligarchs, including prominent donors to Trump. Zucman stressed that confronting oligarchic power is necessary to deter Trump’s imperial actions.
Economist Dean Baker echoed Zucman’s sentiment, proposing that European nations could stop respecting U.S. patents and copyrights as a powerful response to Trump’s initiatives. Both Zucman and Baker advocate for strong retaliatory measures to challenge Trump’s aggressive strategies and protect democracy.
