Higher U.S. tariffs on European exports are likely to have little effect on euro area inflation, a top European Central Bank policymaker said, adding the main risk remained that of medium-term inflation falling below 2%.

4.8%. That’s how much the U.S.’ weighted average tariff rate would be if Trump implemented the country-level strategy, Deutsche Bank economists led by Justin Weidner estimated in a Monday note. That’s a 3.3 percentage-point increase from the 1.5% effective rate U.S. imports had in 2022, according to the World Bank.

President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he announced Thursday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.