“The global economy is not yet feeling the pain of tariffs” - ECB President: Only a matter of time before the burden is passed on to the consumer
The President of the European Central Bank (ECB), Christine Lagarde, stated that the global economy "is not yet feeling the pain of the customs tariffs" imposed by US President Donald Trump.
Lagarde said that there will come a point when exporters and importers will no longer be able to afford low profit margins and will be forced to raise prices.
"How long exporters and importers will accept this pressure on profits remains to be seen. And when they can no longer afford it, then the burden will pass to the consumer. So it's a matter of time," she said.
The ECB head stressed that tariffs are one of the two main factors that have transformed the global economy. The other factor, according to her, is related to developments in technology.
“The transformation comes from a few things. First, tariffs, which have changed the map of world trade, created new alliances and reshaped the way we trade with each other. The second factor is the impact of artificial intelligence on everything we do.”
Christine Lagarde has been at the helm of the European Central Bank since 2019. She previously served in the French government as minister of foreign trade and as managing director of the International Monetary Fund (IMF).
When asked about tensions between the United States and China, she also added that part of it is strategic positioning.
"This situation is typical of the negotiating tactics on both sides. But the countries will be forced to sit down at the negotiating table because it is in the interest of both economies, despite the hostility that exists between them," Lagarde said.
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