ECB cuts rates amid concerns of tepid growth and impact of Trump trade policies

The European Central Bank building in Frankfurt. Picture: Bernd Kammerer/AP

The European Central Bank has cut rates by a quarter of percentage point amid signs of weakening growth and concern about the impact of political chaos in France and the possibility of new US import tariffs.

The bank’s rate-setting committee made the decision on Thursday at its skyscraper headquarters in Frankfurt to lower the benchmark from 3.25% to 3%.