By their scale and volatility, and even if their application has been temporarily limited, the Trump administration’s announcements have begun to destabilize the global economy. Indeed, in addition to tariffs, budgetary, judicial, migration and foreign policy decisions, which introduce sudden and, in some cases, unexpected ruptures, have considerably increased the level of uncertainty in the economic, financial and geopolitical spheres. Impacting primarily the most vulnerable countries, or those least integrated into world trade, by increasing their debt burden, this high level of uncertainty could also lead to a slowdown in activity. The combination of higher financing costs and declining growth is likely to profoundly unbalance sovereign indebtedness, as well as markets, which are at historically high levels. For the most fragile countries, these challenges come on top of declining official development assistance (ODA) and, for some of them, doubts about the sustainability of diaspora revenues.