On May 23, 2025, Christine Lagarde, President of the European Central Bank (ECB), addressed the changes to global trade caused by the trade war initiated by former U.S. President Donald Trump.

Lagarde stated that international trade would 'never be the same' following these disruptions.

Her remarks were made on the sidelines of the G7 summit, underscoring the lasting effects of tariff negotiations.

Lagarde noted that while significant alterations have occurred in global trade flows, there will be ongoing negotiations regarding tariffs among trading partners.

Central bankers and finance ministers at the summit reached a consensus to tackle 'excessive imbalances' present in the global economy, implicitly referencing China’s substantial trade surplus with other countries.

Lagarde expressed her belief that all partners in the global trading system would need to take 'more steps' in the future to address these issues and other structural disparities that have emerged.

Her comments came in the context of a broader discussion on international economic stability, highlighting the collaborative efforts required to manage the complexities of modern trade dynamics.