Member of the European Central Bank (ECB) Governing Council and Deutsche Bundesbank (Buba) President Joachim Nagel stated on Thursday that the ECB will have to "reassess the situation" after the United States' latest tariff announcement.

"Tariffs will put the monetary policy progress to the test," Nagel remarked in a statement, underlining that Washington's decision is threatening global economic stability.

"The prosperity of all" will come under attack, he warned, adding that while the prices will go up, global economic growth will fall.