The European Central Bank has cut its benchmark interest rate by a quarter-point to 2.25 per cent as it prepares for the economic fallout from the trade war ignited by US President Donald Trump.
Thursday’s unanimous decision by the ECB’s rate-setters, which brings borrowing costs in the currency bloc to their lowest in more than two years, had been widely expected after Trump’s announcement of sweeping tariffs on most of the US’s trading partners on April 2.
“The outlook for growth has deteriorated owing to rising trade tensions,” the ECB said, adding that “the adverse and volatile market response” was likely to have a “tightening impact on financing conditions” for businesses and consumers.
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