[ECB Official: Tariffs Hurt the U.S. More] According to Reuters, European Central Bank Governing Council member Panetta stated that the cost of Trump's tariffs is 'mainly borne by the U.S.' U.S. imports from China have declined but shifted to Mexico, Vietnam, and Taiwan. He also mentioned that cheap imports from China could accelerate the decline of inflation in the Eurozone, with inflation risks still skewed in both directions.