European Central Bank (ECB) officials have expressed concerns over the economic uncertainty largely driven by US trade policies under President Donald Trump's administration. ECB Governing Council members, including Mario Centeno and Martins Kazaks, highlighted that recent US tariffs and trade decisions are creating uncertainty that affects economic analysis and could weigh on euro-zone inflation and global economic expansion. ECB Vice President Luis de Guindos reported modest economic growth in the euro area during the first quarter of 2025, with inflation continuing to fall toward the ECB's 2% target. However, he warned of volatile financial markets and the risk of disorderly declines amid ongoing trade tensions. ECB officials, including François Villeroy de Galhau, the Governor of the Banque de France, criticized US policies as counterproductive to the American economy and noted a growing international expectation for Europe to lead. ECB Executive Board member Piero Cipollone emphasized that trade policy uncertainty could reduce business investment and lower GDP growth by about 0.2 percentage points in 2025. The ECB maintains a data-dependent approach to monetary policy, with discussions on potential rate cuts below the neutral rate if inflation pressures ease further. Underlying inflationary pressures are reportedly easing, but the strength of the euro and global trade disruptions add complexity to the inflation outlook. The ECB has lowered the deposit facility rate by 175 basis points to 2.25% since June 2024, but officials have not committed to a specific future rate path amid ongoing uncertainties.