Europe should strive to deepen trade ties with non-US partners, the head of the European Central Bank said Wednesday, as the bloc’s economy begins to feel the heat from Washington’s tariffs.
ECB chief Christine Lagarde said that a recently outlined trade deal between the US and European Union had “alleviated, but… not eliminated global uncertainty”: EU exports to the US in June hit their lowest level since the end of 2023.
The bloc is one of a number of economies reshaping its trading relationships in the face of US tariffs. China has ramped up exports to Southeast Asia and other developing nations, while Japan is mulling entering trade talks with Latin America’s biggest economic alliance.