EU Central Bank Warns Of Global Chaos Ahead Of Trump Tariffs Announcement
By Stefan J. Bos, Chief International Correspondent Worthy News
WASHINGTON/FRANKFURT/BUDAPEST (Worthy News) – European Central Bank head Christine Lagarde warned Wednesday that U.S. President Donald Trump’s planned tariffs will have a negative impact worldwide, with the damage depending on how far they go, how long they last, and whether they lead to successful negotiations.
“It will be negative the world over, and the density and the durability of the impact will vary depending on the scope, on the products targeted, on how long it lasts, on whether or not there are negotiations,” she said in an interview on Ireland’s Newstalk radio.
“Because let’s not forget quite often those escalation of tariffs, because they prove harmful, even for those who inflict it, lead to negotiation tables where people actually sit down and discuss and eventually remove some of those barriers.”
It came as White House sources confirmed that Trump will announce his latest round of tariffs at the White House at 4 Eastern Time. Critics say the move threatens to unleash a global trade war on what he has dubbed “liberation day.”
Trump has rattled global stock markets, with gold reaching record highs as it is seen as a traditional safe haven in times of crisis.
White House officials said the most sweeping rewrite of US trade policy would be implemented immediately.
Trump has made clear a few goals he wants to accomplish through his tariffs: bringing manufacturing back to the US, responding to unfair trade policies from other countries, increasing tax revenue, and incentivizing crackdowns on migration and drug trafficking.
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