European Central Bank (ECB) Vice President Luis de Guindos warned on Monday that there would be no winners in a potential trade war between the United States and the European Union, adding that "everyone would lose" as a result of lower economic activity.
In an interview with Spanish broadcaster RTVE, the central banker emphasized that European officials should be "cautious and intelligent" when making statements on the possible response to the tariffs on EU goods and the global duties on steel and aluminum imports announced by US President Donald Trump, as "initial announcements sometimes fail to materialize."
However, De Guindos warned that the situation in the global economy is "extremely uncertain" and "the most complex since COVID" after the "paradigm shift" in the world's leading economy.
