11 July
ECB's Kazaks warns of eurozone recession risks from US tariffs
In the view of the European Central Bank's Governing Council member Martins Kazaks, US tariffs increase uncertainty and elevate the risk of recession in the eurozone.
According to the official, an economic downturn is not currently the baseline expected scenario. However, given the possibility of far-reaching changes in global trade conditions and geopolitics, it is increasingly likely to materialize, he added.
Kazaks lamented the increased uncertainty in the global economy due to tariff disputes between countries. He noted that this hampers trade processes, limits consumption and investment, and slows down GDP growth worldwide.
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