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Marie Alder

25 February 2026
THE ECB BLOG
Tariff hikes are putting European companies under strain at a time when productivity growth is already sluggish. Short-term business sentiment is not the only thing at stake. Tariffs could also dampen business dynamism, a key channel for innovation and long-term growth.
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JEL Code
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
F40 : International Economics→Macroeconomic Aspects of International Trade and Finance→General
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