Select Page

U.S. President-elect Donald Trump’s economic agenda risks returning inflation to the United States and hurting economic growth worldwide, Bank of France head and European Central Bank (ECB) member Francois Villeroy de Galhau said on Wednesday.

“The programme risks bringing back inflation to the United States,” Villeroy told France Inter radio. “It risks lowering growth a little bit, all over the world. It remains to be seen if the reduction will be felt more in the United States, China or in Europe.”

Trump has floated the idea of a tariff of 10% or more on all goods imported into the United States, which he says would eliminate its trade deficit.

But Villeroy predicted U.S. consumers would bear the brunt of many of the tariffs.

“Protectionism almost always means reduced purchasing power for consumers,” Villeroy said. (Reporting by Makini Brice and Sudip Kar-Gupta Editing by Peter Graff)

  • Published On Nov 13, 2024 at 01:55 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETBFSI App

  • Get Realtime updates
  • Save your favourite articles

icon g play

icon app store


Scan to download App
bfsi barcode

Share it on social networks