11 February 2026 – The Indonesian government has once again reaffirmed its plan to reduce nickel ore mining quotas. Nickel prices in Asia rose by more than 4% in response. France: “Oops! I Did It Again” – new demands from the Élysée Palace for more protectionism and more “joint” debt.
Nickel: Indonesian Mining Quotas to Be Reduced, Prices Increase
Nickel prices on the Asian commodity exchange SHFE rose sharply again today, gaining 4%. The move followed renewed confirmation from the Indonesian government that it intends to cut 2026 nickel ore mining quotas (RKAB) by up to 32%, or approximately 119 million tonnes, compared to the previous year.
At the LME, nickel prices climbed more than 2% at the start of trading.
By lowering quotas, Indonesia aims not only to stabilize and support prices but also to protect its declining nickel reserves.
RKAB Quotas Cut by Up to 90% in Some Cases?
Although the new RKAB quotas have not yet been officially published, some affected companies have reportedly already been forced to halt raw material extraction, as their quotas may have been reduced by as much as 90%.
Concerns are spreading among mine operators that the allocation of quotas could result in significant unequal treatment.
France: “Oops! I Did It Again” – More Protectionism and More Debt
Apologies for once again starting with our neighbors, but French President Emmanuel Macron has once again provided a fitting example.
Protectionist Escapades from France on the Rise
Protectionist initiatives from France have increased significantly in recent months. Whether it is the EU CO2 border tax CBAM, 50% steel tariffs combined with drastically reduced import quotas, or calls for a 30% general tariff on Chinese products – the appetite from Paris appears far from satisfied.
Now comes a renewed push for a “Buy European” strategy modeled after the United States – preferably financed through consumption taxes (tariffs) and so-called Eurobonds, meaning joint debt distributed across all EU member states.
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Background: The French State Is Broke
The background is straightforward: France is heavily indebted. With €3.5 trillion in debt, France ranks first in Europe in absolute public debt. By 2030, this figure is projected to increase by up to another €1 trillion.
This includes billions in subsidies for a steel producer unwilling to adapt, a case in which the French parliament recently even discussed nationalization.
The trauma of the French Revolution – and the fear of domestic unrest – appears not yet fully overcome in the Élysée Palace. The current strategy seems to involve circumventing internal constraints through indirect taxation (tariffs) and “joint European debt.”
European Tariffs Are Taxes – Nothing More
It is not only the Kiel Institute for the World Economy that has concluded tariffs function as taxes. The US Tax Foundation recently stated:
“Historical evidence and recent studies show that tariffs are taxes that raise prices and reduce available quantities of goods and services for US businesses and consumers, resulting in lower income, reduced employment, and lower economic output.”
According to estimates, US tariffs cost American consumers at least $1,000 in additional taxes in 2025 alone. In 2026, that burden is expected to rise to $1,300-with the trend continuing upward.
The logical consequence for European companies and consumers under a tariff policy increasingly shaped by French influence is clear: taxes will rise.
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