France’s new prime minister, Michel Barnier, has opened the door to reversing some of President Emmanuel Macron’s tax cuts in an effort to fix the country’s widening budget deficit.

In the seven years that he has been France’s president, Emmanuel Macron has bet on tax cuts for the wealthy and for corporations as a recipe for stimulating the economy. His new government is about to tear up that playbook.

Faced with a rapid deterioration in the nation’s finances, Mr. Macron’s recently appointed prime minister, Michel Barnier, is opening the door to higher taxes on businesses and the rich, in a last-ditch bid to plug France’s widening budget deficit and reassure worried international investors about the government’s ability to tackle the problem.

Mr. Macron is under pressure to act quickly. Borrowing costs for France, which has Europe’s second-largest economy after Germany’s, soared Tuesday to their highest level since the 2008 financial crisis, as investors

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