Protectionist policies from the next US administration will hurt global economic growth and Europe should be better prepared than in 2018, members of the European Central Bank’s governing board warn.

Donald Trump has promised a big increase in trade barriers, including a flat 10% tariff on all imports from foreign countries and a 60% tariff on imports from China to reduce the US trade deficit.

“What we do know is that the high import tariffs that are being talked about may have harmful effects on the global economy,” Finnish central banker Olli Rehn said. “A new trade war is the last thing we need at a time of geopolitical rivalry – especially between allies.”

Austria’s central banker Robert Holzmann warned that if Donald Trump implements the policies he has announced, US interest rates and inflation will remain high, which will mean upward pressure on prices elsewhere.