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Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB's Lagarde

European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
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Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB's Lagarde

European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)

The likely implementation of tariffs imposed by the United States on April 2 means Europe will have to take better control of its future, European Central Bank (ECB) head Christine Lagarde said on Monday.

"I've tried to describe this as a moment for our Europe... and I see it as the start of a march towards independence," Lagarde said in an interview on France Inter radio

"He calls it Liberation Day in the United States. I see it as a moment when we must together decide to take better control of our destiny, and I think it's a step towards independence."

Trump is set to announce a comprehensive tariff proposal on what he's called "Liberation Day" this Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China.

"He's someone who always takes a transactional approach. He applies this kind of principle, which is more in the realm of business, to the management of international relations," Lagarde said.

The ECB President reaffirmed her estimate of a decrease of about 0.3 percentage points for Europe in the first year of tariffs on US imports from Europe.

She added that if Europe responds with reciprocal measures, growth will be even lower, down 0.5 percentage points.

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Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
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Indonesia, Singapore Sign Deals on Power Trade, Carbon Capture 

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 
Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia speaks to the media during a press conference at the presidential palace in Jakarta, Indonesia, Tuesday, June 10, 2025. (AP) 

Indonesia and Singapore signed initial deals on Friday to develop cross-border trade in low carbon electricity and collaborate on carbon capture and storage, ministers from both countries said in Jakarta.

The electricity deal reaffirmed an earlier agreement to export solar power from Indonesia to Singapore, with a group of companies planning to build plants and grid infrastructure to generate and transmit the power.

The memorandum of understanding signed by the two countries says they will aim to draw up policies, regulatory frameworks and business arrangements that will enable Indonesian power to be delivered to Singapore.

Indonesia expects to export 3.4 gigawatts of low-carbon power by 2035, according to a presentation slide shown by Indonesia's energy minister Bahlil Lahadalia.

In another MoU, the two countries said they would look into drawing up a legally binding agreement for carbon capture and storage that would allow cross-border projects to go ahead.

If successful, it will be the first such project in Asia, said Singapore government minister Tan See Leng.

Energy firms BP, ExxonMobil, and Indonesia's state company Pertamina are already developing CCS projects in Indonesia.

With its depleted oil and gas reservoirs and saline aquifers capable of storing hundreds of gigatons of CO2, Indonesia has allowed CCS operators to set aside 30% of their storage capacity for carbon captured in other countries.

The two countries also signed a deal for the development of sustainable industrial zones on several Indonesian islands near Singapore, including Batam, Bintan and Karimun.

Bahlil said the deals could bring in more than $10 billion of investment from the manufacturing of solar panels, the development of CCS projects and potential investment in industrial estates.