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Macron Blinks as Yellow-Vests Protest Forces Fuel-Tax Climbdown

  • Prime Minister Philippe declares six-month moratorium on taxes
  • Suspension won’t be enough to stop protests, Yellow Vests say
Bloomberg business news
Ian Shepherdson of Pantheon Macroeconomics examines the French government’s move to suspend a planned fuel-tax hike.Source: Bloomberg
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Emmanuel Macron blinked.

The French president who has prided himself on sticking to his guns even as his popularity levels tumbled, has reversed course and suspended a planned fuel-tax hike that had sent as many as 300,000 protesters into the streets for three weeks, with vivid images of the violent clashes in the heart of Paris making their rounds worldwide.