Bundesbank President Joachim Nagel has expressed concerns about rising inflation due to increasing tensions in global trade, particularly linked to proposed tariffs by U.S. President Donald Trump. He emphasized that central banks possess the tools necessary to combat inflation should it rise. Furthermore, he highlighted potential economic repercussions for Germany and warned that significant tariff increases could disrupt international trade and economic growth. Meanwhile, European Central Bank Vice President Luis de Guindos noted that concerns have shifted from inflation to economic growth amid these uncertainties.