European Central Bank cuts rates warning of "exceptional uncertainty"

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  This BBC podcast is supported by ads outside the UK.

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  Hello and welcome to World Business Report from the BBC World Service.

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  I'm Rodgy Hearing and on this edition, after the market turmoil of recent weeks,

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  how the leaders of global financial institutions are joining the chorus of warnings about the consequences of stop-start US tariffs.

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  As the price of gold reaches an all-time record amid the economic turmoil, how do you actually buy the yellow metal?

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  Also, we'll hear about efforts to turn Armenia into a regional tech hub,

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  and is the person you're interviewing for a job really there?

• 00:37

  The rise of deep fake applications.

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  But first,

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  there have been more warnings about the consequences of the on-off tariff policies coming from President Trump.

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  After Wednesday's assessment by the Federal Reserve Chair Jerome Powell

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  that US economic growth will be hit and prices will rise for consumers as a result,

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  the head of the European Central Bank, Christine Lagarde,

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  announced a new cut in interest rates and spoke of market tensions and what she called exceptional uncertainty.

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  The ECB would take a wait-and-see approach, she said,

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  to whether the planned tariffs would lead to higher inflation in the euro bloc.

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  Looking at today and the tariffs debate that is going on,

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  as well as the tariff impact that is actually happening, we know that it's a negative demand shock.

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  We can anticipate that it will have some impact on growth,

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  but the net impact on inflation will only become clearer over the course of time.

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