ECB's Lagarde urges Europe to deepen trade ties with Non-US partners

Europe should look to strengthen its relationships with trade partners outside the US, European Central Bank (ECB) President Christine Lagarde said."While the United States is - and will remain - an important trading partner, Europe should also aim to deepen its trade ties with other jurisdictions, leveraging the strengths of its export-oriented economy," Lagarde said at the International Business Council of the World Economic Forum in GenevaThe trade deal establishes an effective average tariff estimated to lie between 12% and 16% for US imports of euro area goods, she said, noting that the baseline levy, which affects most goods, is 15%.Uncertainty persists as sector-specific tariffs on pharmaceuticals and semiconductors remain unclear."Recent trade deals have alleviated, but certainly not eliminated, global uncertainty, which persists on account of the unpredictable policy environment," Lagarde said.ECB staff will factor the implications of the trade deal for the euro area economy into the upcoming September projections, which would guide the central bank's decisions over the coming months, she said.