As US President Donald Trump is ready to impose a fresh round of tariffs, European Central Bank President Christine Lagarde stated Monday that Europe should pursue economic independence.
Trump has declared that the world’s largest economy has been “ripped off by every country in the world” and has pledged to apply reciprocal tariffs on a wide range of trade partners on Wednesday, which he has dubbed “Liberation Day.”
Lagarde stated that Europe is facing a “existential moment” on France Inter radio.
“He calls it ‘Liberation Day’ in the United States. I see it as a moment when we must collectively decide to take greater control of our destiny and I think it is a step towards independence,” she said.
“To put ourselves in a position to negotiate effectively, we have to show that we won’t just roll over,” Lagarde added, as the European Union readies its response to the US tariffs.
The ECB estimates that Trump’s trade war could slash the eurozone’s economy by 0.3 percent in its first year — and by 0.5 percent if the EU retaliates.
“A trade war creates only losers,” Lagarde said.
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