Villeroy (ECB): Trump tariffs are alarming, increasing uncertainty

The US President’s duties in Canada and Mexico are “concerned” and increase economic uncertainty for Europe, said the Governor of the Bank of France and a member of the Board of Directors of the European Central Bank (ECB), (Francois Villeroy de Galhau). Donald Trump increased charges threats against the European Union yesterday Sunday (2.2.2025), after announcing 25% contributions to goods from America’s northern and southern borders. “There has been a very worrying decision this weekend that increases fears – it is the American decision to impose very brutal, very high tariffs on her two neighbours,” François Villeroy said on France Info radio. The Governor of the Bank of France said that Europe should maintain “relaxity” and have commercial policy measures to react if necessary. But he said the bloc should also look beyond defending its economy and focus on ways to boost growth inside. “Protectism may look nice at first because it protects your economy,” Villeroy said. “But experience has always shown everywhere that everyone loses”.