ECB sees intensifying risk from tariffs, protectionism
The ECB added that if all the threatened measures were to be implemented, the average U.S. tariff rate would rise to levels not seen in the last 50 years.
"Downside risks to the global economy have intensified amid actions and threats regarding trade tariff increases by the United States and possible retaliation by the affected countries," the ECB said in an assessment, which is largely consistent with its view in its July 26 policy statement.
At its meeting two weeks ago, the ECB kept policy unchanged, staying on course to end a 2.6 trillion-euro ($3.01 trillion)bond purchase scheme by the close of the year and to raise rates for the first time since the eurozone debt crisis in the autumn of 2019.
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