ECB’s Panetta Says Tariffs Have Damaged the US More Than Others

The US economy has borne most of the burden of tariffs imposed by President Donald Trump, according to European Central Bank Governing Council member Fabio Panetta.

“Foreign exporters seem to have shouldered a portion of it, estimated at around 10%,” he said Saturday in Venice. “Initially, the impact was absorbed by US firms’ profit margins, and was then partially passed on to consumers, who now bear about half of it.”