Francois Villeroy, member of the European Central Bank, made the following statement:
- Uncertainty caused by US tariffs harms investment in the global economy and can seriously damage global growth.
- We all recognize that the escalation of protectionist threats from the United States will weaken growth everywhere.
- I have seen the impact of uncertainty on investment since the vote on Brexit in 2016, and the tariffs will worsen even more.
- According to the Bank of France calculations, a 10 percent increase in tariffs will cut world trade in double digits figures and reduce GDP by more than 2 percent, starting in the United States.
- We Europeans will be shoulder to shoulder with Canada, Japan and other countries to drown out existing international economic relations.
