This is the first holiday shopping season since Trump announced sweeping tariffs in April on dozens of countries, sending shockwaves through the global supply chain. Photo by JOHN MACDOUGALL/AFP/Getty Images/Postmedia files

Cyber Monday spending will grow much more slowly in the United States than Europe , a new phenomenon that reflects the impact of President Donald Trump’s trade war and aggressive interest rate cuts by the European Central Bank, according to an estimate released Monday by Salesforce Inc.

Global online spending , mostly from Europe, will increase eight per cent to reach US$53.7 billion, while U.S. spending will rise by four per cent to US$13.4 billion, according to the estimate, which is based on transactions of 1.5 billion consumers . Salesforce said earlier

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