European Central Bank President Christine Lagarde told the Financial Times that a trade war at large would be a “net negative for all” and not just for the targets of US tariffs.

“This can be in nobody’s interest, neither for the United States nor for Europe, or anyone for that matter. This would induce a global reduction in GDP,” Lagarde said in an interview with the FT published on Thursday.

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Lagarde also added that tariffs would be negative for global growth in the long term.