Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
FRANKFURT, Germany, Aug. 21 (Xinhua) — European Central Bank (ECB) President Christine Lagarde on Wednesday urged Europe to strengthen trade ties with countries other than the United States, saying the European Union (EU)-U.S. trade deal had eased but not eliminated uncertainty.
In her speech at the World Economic Forum's International Business Council in Geneva, Lagarde called on Europe to "deepen trade ties with other jurisdictions," even if the United States remains an important trading partner.
“Europe has a good foundation for development. As the largest trading partner of 72 countries, the EU already has the largest network of trade agreements in the world,” she noted.
As for the EU-US trade deal, the EU has managed to avoid the worst-case scenario, which would have seen tariffs on European exports to the US exceed 20 percent. The effective average tariff is estimated at 12-16 percent, which is still higher than before April.
“Recent trade agreements have eased, but certainly not eliminated, the global uncertainty that remains due to the unpredictable political environment,” Lagarde said.
Despite the risks associated with tariffs, the eurozone economy remained resilient. Lagarde attributed this to a lead effect that led to strong growth in exports to the US, along with robust growth in private consumption and investment.
She said the ECB would include the US trade deal in its September forecasts, which will guide monetary policy decisions in the coming months.
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