Bank of Greece chief warns U.S. Tariffs could slow Eurozone growth

Sun, 23 Feb 2025

Bank of Greece chief warns U.S. Tariffs could slow Eurozone growth

Xinhua
21 Feb 2025, 01:16 GMT+10

Bank of Greece chief warns U.S. Tariffs could slow Eurozone growth

ATHENS, Feb. 20 (Xinhua) -- Bank of Greece Governor Yannis Stournaras has warned that new U.S. tariffs on eurozone imports could significantly impact economic growth in the region, the Greek official news agency ANA-MPA reported on Thursday.

Speaking to European Union (EU) ambassadors in Athens, Stournaras highlighted that a proposed 10 percent tariff on all imports from the Eurozone, coupled with ongoing uncertainty in U.S.-EU trade relations, could reduce the region's growth domestic product (GDP) growth rate by up to 0.5 percentage points within a year.

The warning comes amid reports that U.S. President Donald Trump has proposed reciprocal tariffs on key trade partners, including the EU.

Stournaras also predicted that the European Central Bank (ECB) could lower its key interest rate to 2 percent by the end of the year in response to economic challenges.

"The Eurozone risks losing its global economic influence - if it hasn't already. We have struggled to compete with U.S. technology giants, and our economies remain stagnant, facing fiscal constraints," he said.

A preliminary estimate of 2024's annual GDP growth, based on seasonally and calendar-adjusted quarterly data published by Eurostat, indicates an increase of 0.7 percent in the eurozone and 0.8 percent in the EU. Meanwhile, the U.S. economy grew by 2.8 percent last year, according to the U.S. Commerce Department.

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