Head of ECB, message to Trump - Lagarde calls for negotiations with the US to avoid trade tariffs
European Central Bank President Christine Lagarde said the European Union may be in a better position to talk to the United States about possible trade tariffs, rather than immediately imposing countermeasures.
"We seem to err more on what I would call a strategy of countermeasures," she told the Financial Times in an interview, stressing that last time the EU's strategy was "not to retaliate, but to negotiated".
Lagarde reiterated earlier warnings about the negative effects of an all-out trade war and said the EU could make certain purchases from the United States and signal they are prepared to sit down and talk.
"I think that's a better scenario than a pure revenge strategy, which can lead to a cause-and-effect process where nobody really wins," she said.
US President-elect Donald Trump campaigned to introduce possible tariffs against European Union countries and has repeated such threats in recent days.
"When you start to consider a trade war, you can soon see an escalation, which in my opinion has only negative aspects. This cannot be in anyone's interest and would prompt a global decline in Gross Domestic Product.”
Lagarde said it was too early to calculate the impact of Trump's potential tariffs. However, she suggested that, in the short term, these tariffs could potentially lead to an increase in inflation, due to the added costs they impose.
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