European Central Bank Board Member Ewald Nowotny: US trade policy will bring risks to the global financial industry.

European Central Bank board member Iskwiva warned on Tuesday that the geopolitical and trade tension caused by US tariffs poses a risk to the stability of the global financial system and global economic growth. Iskwiva believes that the unpredictability of Trump administration policies, from trade to a wider economy, is one of the risks that define the global environment, and the "possible deterioration of international investors' confidence in the US economy" also creates uncertainty. All of these factors have a decisive impact on the global growth prospects and pose a risk to the stability of the international financial system. Iskwiva cited analysis of several scenarios stating that raising tariffs will have a negative impact on global economic activity, especially in the United States, with a lesser impact on the euro area and Spain. He still believes that in an uncertain environment, Spain faces significant downside risks in the coming quarters.