European Central Bank chief Christine Lagarde said Tuesday US tariffs had not hit the eurozone as badly as feared, but warned new risks could lie ahead in an uncertain world.

Europe, which runs a hefty trade surplus in goods with the United States, was one of US President Donald Trump’s major targets as he unleashed a barrage of levies on friends and foes alike.

The European Union struck a framework deal in July setting tariffs on most exports to the United States at 15 percent — far higher than before Trump’s return but below eye-watering levels on occasion threatened by the American leader.

In 2025, Europe had been at the “receiving end” of “trade deployed as a tool of power”, Lagarde said in a speech in Helsinki.

Most had assumed that US tariff increases “would trigger a major adver

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