European Central Bank cuts interest rate as Trump tariffs threaten economy

The European Central Bank (Michael Probst/AP)

The European Central Bank has cut its benchmark interest rate for an eighth time, aiming to support businesses and consumers with more affordable borrowing as US president Donald Trump’s trade war threatens to slow already tepid growth.

The bank’s rate-setting council cut interest rates by a quarter of a point on Thursday at the bank’s skyscraper headquarters in Frankfurt.