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Investing.com -- European Central Bank President Christine Lagarde urged Europe to strengthen its trade relationships with partners outside the United States while addressing a panel at the World Economic Forum in Geneva on Wednesday.
"While the U.S. is—and will remain—an important trading partner, Europe should also aim to deepen its trade ties with other jurisdictions, leveraging the strengths of its export-oriented economy," Lagarde said.
Lagarde noted that the current deal between the U.S. and EU imposes an effective average tariff between 12% and 16% for U.S. imports of eurozone goods.
"Recent trade deals have alleviated, but certainly not eliminated, global uncertainty, which persists on account of the unpredictable policy environment," she added.
The ECB president indicated that the central bank’s staff will incorporate the implications of the trade deal for the euro area economy into their upcoming September projections, which will guide ECB decisions in the coming months.