But ECB president Christine Lagarde is unlikely to go on a victory lap, as the 10 per cent universal tariffs Trump imposed on most imports — combined with concerns over even higher rates should the US and its trading partners fail to strike a deal — could dent economic sentiment as well as growth prospects.

Citadel founder Ken Griffin extended his criticism of the Trump administration’s trade policy, saying that tariffs won’t bring back American manufacturing jobs the way that the president anticipates and the country should play to its strengths instead.

President Donald Trump said high tariffs a year from now would be a "total victory" because it would incentivize companies to produce in US.