European Central Bank President warns U.S. election winners to beware of harming trade

The president of the European Central Bank, Christine Lagarde, once again defended the benefits of free trade, saying whoever wins the US election should be careful not to harm global trade. Asked at an event at the Atlantic Council on Wednesday about the prospect of tariffs rising, Ms Lagarde said history showed the damage such measures could do. "Times of restrictions and barriers are not times of prosperity and great leadership around the world, so I think whoever ends up being the president of this country should at least remember that," Ms Lagarde said. "Because we have a big market, I think it's a bit of a stretch to conclude that the domestic economy will be better just because we will raise tariffs."