Christine Lagarde, President of the European Central Bank, stated that despite the recent agreement with the United States reducing some uncertainty, economic growth in the euro area may slow down this quarter, and global trade still faces uncertainty. Lagarde stated in Geneva that the current 15% tariffs on most European goods are slightly higher than the level assumed by the European Central Bank in June, but "much lower than" the severe scenario that was planned. She said on Wednesday: "Recent trade agreements have eased some uncertainty, but have not completely eliminated it. Due to the unpredictable policy environment, uncertainty still exists." She added that tariffs on the pharmaceutical and semiconductor industries are still unclear.