European Central Bank leader (ECB), Isabel Schnabel stated that the Trump government’s ‘Liberation Day’, as the announcement of the president’s new tariff package could mark the end of world free trade.
“We lived a Liberation Day, which was not liberating, but actually seems to mark the end of global free trade,” said Schnabel during the 36th Workshop on Economics and Finance of the European House Ambrosetti, Italy. The statements were released by the official account account on X.
Schnabel said the moment is “perfect” to strengthen the international role of the euro, remembering that currency is the second largest border in the world. “We need to create and attract the many investors who are now looking for alternatives to investments in dollars,” he noted.
Schnabel also said Europe “was not born to steal the United States.” “And today it is imperative to ensure that Europe is able to resist the opposite winds. It’s time to make Europe stronger,” he said.
Trump’s tariff came into force on Saturday with the adoption of 10% global tariffs on products imported by the United States. The measure reaches more than 180 countries. The minimum general rate of 10% is valid today, while individualized tariffs will take effect next Wednesday (9).
For the European Union, the United States imposed a 20%rate, which will be valid from Wednesday. The European bloc promises to react to Trump’s tariff.
