Higher barriers to trade would have a negative impact on the global economy, and Europe must be prepared for increased tensions, Bank of Finland Governor Olli Rehn said.

Protectionist policies from the incoming U.S. administration will hamper global growth and Europe must be better prepared than in 2018, European Central Bank policymakers warned on Tuesday. U.S. President-elect Donald Trump has promised a big increase in trade barriers,

European Central Bank policymakers have warned that a potential trade war is on the horizon due to incoming US protectionist policies. The news is part of a Reuters report on the emerging European banking and trade landscape following the 2024 United States Presidential Elections.

The EU does not want a trade war with Beijing but five years of talks have yielded no real progress, the bloc's ambassador to China said on Saturday, adding that concern was growing over Chinese market access for European medical devices.