Trump's price push will hit the United States harder than Europe: Santander

Protectionist policies of the White House could strike the United States harder than Europe in the short term, said executive president of Banco Santander on Thursday, while prices have wreaked havoc on national consumers.

“Prices [are] A tax. It is a consumer tax. “Said Ana Botn in an interview with Karen TSO of CNBC in Brussels on the sidelines of the European Summit of 2025 IIF.” In the end, the economy will pay a price. There will be less growth and there will be more inflation, other things equal. “”

President Donald Trump has imposed and sometimes suspended or revoked a series of import prices in the United States since the start of his second administration in January. It seeks to promote national manufacturing and reduce trade deficits between the world's largest economy and its business partners.

Botn is not alone in its warning concerning the negative impact of prices on the United States, with many analysts also affirming that the tasks could ultimately cause higher inflation and repress the portfolios of American consumers.

“On a relative basis, in the short term, Europe will be less affected than the United States,” said Botn on Thursday.

Germany slaps prevails on 25% of automotive prices as bad news for us, the EU and the world trade

The imposition of covered and specific tasks in the country which includes the news on Wednesday of a 25% rate on all imports of cars in the United States, from April 2, led to a certain number of reprisal measures, including from the American transatlantic ally, the European Union.

The block has also taken measures to strengthen its autonomy thanks to a set of proposals that could critically relax the budgetary rules before and mobilize nearly 800 billion euros (863.8 billion dollars) to higher defense expenses in the region.

“European banks are ready to lend more and support the economy more. We are strong. We have the capital,” said Botn. It also called for more “flexibility” in EU regulations which currently determine the “buffers” that European lenders must maintain the minimum capital requirements to strengthen their resilience in the event of a financial shock.

The latest EU plans and Germany's stages to revise its long -standing debt policy to adapt to reinforced security expenses have strengthened German and European defense actions in recent weeks.

However, Germany strongly depends on its besieged automotive sector, leaving the third world exporter vulnerable to striking changes in commercial models and potentially exposed to the risks of recession following American rates, warned the governor of the German Central Bank Joachim Nagel.

Botn whose bank is the fifth largest car lender in the United States and has prompted to extend its transatlantic operations while closing certain physical branches in the United Kingdom, however, painted an optimistic image of the European economy state.

“To date, we believe that the United States will slow down more than Europe, other things equal, because Germany is a third of the economy of the euro zone. It is therefore enormous. This will therefore give a boost,” she said, while recognizing that recent unpredictability has darkened clarity on the next steps in monetary policy of the Central Bank.

The Central Bank should largely lower the interest rate of 25 points during its next meeting on April 17. He also relaxed monetary policy in early March and reported at the time that his monetary policy had become “significantly less restrictive”.

“The fundamental principles of the economy are strong, but uncertainty and volatility [are] at historical levels. It is therefore a really difficult decision. There is therefore no doubt that prices are a tax on the consumer[s]This means slower growth, it means higher inflation, “said Botn.

“How much slower growth and how much higher inflation, we don't know. But when you don't know what's going to happen in the coming months, you're going to wait to buy a car, you will wait to buy a refrigerator. If you are a business, you will wait to see where the prices hit the strongest.

Botn added that, consequently, “there is a case to do for … the lowered prices, but probably not as fast.”

Addressing the TSO of CNBC earlier during the day, the decision maker of the ECB, Pierre Wunsch, also indicated that the American tariff war had kept the decision of the bank.

“If we forget the prices … We were going in the right direction. So the question was more a question of adjustment at the end of the rhythm of the cuts and the place where we land,” he said. “I was like, you know, inflation could be the boring part of [20]25, and [20]25 is not a boring year. But if you add prices to the equation, it becomes more complicated. “”

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