Fresh tariffs to have muted inflation impact in Europe, ECB’s Villeroy says
by Reuters Jan 20, 2026
Fresh tariffs by the U.S. would weaken economic growth for all parties involved but their impact on European inflation should be rather muted, French central bank chief Francois Villeroy de Galhau told Bloomberg TV in Davos on Tuesday.
"On activity, tariffs are obviously bad news for everybody... including the U.S.," Villeroy said.
Last year's tariffs did not have an impact on euro zone inflation as they were mostly paid by U.S. consumers, and a similarly muted price outcome is likely in case of fresh duties, Villeroy added.
(Reporting by Leigh Thomas; writing by Balazs Koranyi; Editing by Sharon Singleton)
Reuters
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