European Central Bank President Christine Lagarde stated that the European Union could offset the impact of US tariffs if it removed some of its internal barriers.
Speaking at a conference in Frankfurt, she added that the EU's export-oriented economic model has been completely transformed by the global shift towards protectionism, from the tariffs imposed by US President Donald Trump to China's dominance of rare earth minerals, according to Reuters.
However, she believes the EU can strengthen its financial position by facilitating trade among its 27 member states, citing the Netherlands as a model of one of the world's most open economies.
She also mentioned wide-ranging economic reforms, including structural changes to the EU's operating mechanisms and others related to value-added tax (VAT).
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