Luis de Guindos, Vice President of the European Central Bank, stated that if Trump implements the import tariff levels he threatened during his election campaign, it could have a devastating impact on global economic growth and inflation. Guindos made the statement at an event in London on Wednesday, saying that economic output would weaken, price pressures would increase, and existing trade flows would be disrupted. The European Central Bank will incorporate any policies announced by the new US government into its outlook and then decide how to respond. Guindos stated that decision makers will continue to be guided by data and will closely monitor bank lending surveys to determine whether the financing environment is stimulative or restrictive. He also stated that the forecasts scheduled to be released next month will not differ significantly from those in September.