Kathmandu. European Central Bank (ECB) President Christine Lagarde said on Monday that Europe must move towards economic freedom as US President Donald Trump prepares to impose a new wave of tariffs.
Accusing the world’s largest economy of being “looted by every country in the world”, Trump on Wednesday vowed to impose reciprocal tariffs on various trading partners. He called it “liberation day”.
Lagarde told France Inter radio that Europe was facing an “existential moment”. He called it “liberation day” in the United States. “I see this as a moment when we collectively have to decide to take more control of our destiny and I think it is a step towards freedom,” Lagarde said as the European Union (EU) prepared a response to US tariffs. “We have to show that we are not just going to give in to pressure to put ourselves in a position to negotiate effectively.” The ECB estimates that Trump’s trade war could shrink the eurozone economy by 0.3 percent in the first year, and by 0.5 percent if the EU retaliates. “Trade wars only create losses,” Lagarde said.
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