Is the honeymoon that started in 2017 between American investors and France almost over? The annual barometer, conducted for the past 26 years on behalf of the American Chamber of Commerce in France (AmCham), showed a steady decline in confidence among US companies based in France. Political instability, budgetary delays, economic stagnation and excessive regulations and standards have all contributed to a growing frustration.
The business leaders who responded to the survey – 140 companies out of the 1,500 American firms present in France – "give the impression that a huge part of the remarkable progress made since 2017 has now been erased," said Marc-André Kamel, vice president of AmCham and a consultant at Bain & Company, which conducted the study. Amid mounting tensions between the US and Europe, the once-perceived strengths of France have collapsed. Only 30% of American executives said they had a positive or very positive opinion of the country where they operate – compared to 64% in 2022, when relations were at their best.
American respondents estimated at 94% that the French political and institutional environment "could pose moderate or significant risks," and 77% said they did not trust "the government's ability to carry out the structural reforms deemed necessary." The fact that the survey was conducted between mid-December 2025 and January 2026, while the budget debate had yet to be settled by use of Article 49.3 of the French Constitution [a procedure allowing the government to force through legislation], may have contributed to this negative perception.
