As a large trading power, Europe is bound to be affected…  For now, Trump is saying “I’ll threaten Europe but without specific customs barriers on European products”… Europe has a single trade policy and that means it has to react, and not just to the threat of import tariffs.
It also needs to look at the source of the problem, that is, overcapacity throughout the world, and in particular overcapacity in China. This is not a matter for the ECB, of course; it’s a matter for the European Commission and for EU governments. What’s important for us, from an economic perspective, is that we avoid an escalation and avoid belligerent language.