Donald Trump forced the hand of the European Central Bank (ECB). For its seventh consecutive meeting, the ECB lowered its interest rates by a quarter-point on Thursday, April 17, this time to 2.25%. However, without the trade war initiated by the President of the United States, it might have taken a pause, acknowledged Christine Lagarde, its president: "There were a number of governors who, a few weeks ago, would have argued in favor of a skip".

Instead, the American tariffs, which have cast an "exceptional uncertainty" over the global economy, have pushed the central bank of the eurozone to loosen its monetary grip slightly more. Since June 2024, when interest rates stood at 4%, they have almost halved.

The truth, admitted Lagarde, is that the economic fog is practically complete. The tariffs imposed by the United States have already increased from 3% to an average of 13%, but no one knows at what level they will end. A 90-day negotiation period has begun, ending in mid-July. The president of the Frankfurt institution acknowledged her "incredulity" at Mr. Trump's initial measures, as they defy all "conventional wisdom" concerning global trade.

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