ECB Official Highlights Tariff Impact on U.S. Economy

European Central Bank Governing Council member and Bank of Italy Governor Fabio Panetta has commented on the economic impact of tariffs imposed by U.S. President Donald Trump. According to Jin10, Panetta stated that the U.S. economy has borne the majority of the burden from these tariffs. Speaking in Venice on Saturday, he noted that foreign exporters have absorbed approximately 10% of the losses. Initially, U.S. businesses absorbed these losses through reduced profits, but over time, some of the costs have been passed on to consumers, who now bear about half of the burden. Overall, tariffs are estimated to have contributed slightly more than 0.5 percentage points to U.S. inflation.