Major U.S. trading partners have also worried about the impact of U.S. tariffs. Tis Peterson, an economist at the Bertelsmann Foundation in Germany, said that due to the U.S. government’s threat to implement punitive tariffs, the German government may cut economic growth expectations.

The European Central Bank issued a communique last week saying that the recently announced tariff measures of the United States pose a threat to global economic growth, and the risks arising from the rise of protectionism will affect investment decisions and may have a greater impact on global economic activity.

In this communique, the European Central Bank focused on the analysis of the harm that the US trade protectionism measures may bring to the global economy.