The tariffs promised by U.S. President-elect Donald Trump would upend international trade but may ultimately have a "minor impact" on inflation, European Central Bank policymaker Joachim Nagel said.

Leaders at the European Central Bank worry that trade barriers will curb EU economic progress more than they will push up Euro zone inflation.

Donald Trump’s proposed tariffs on goods could upend international trade and threaten higher inflationary pressures, the Bundesbank’s president said.

BERLIN (Reuters) -New tariffs planned by U.S. President-elect Donald Trump could cost Germany 1% in economic output if they come into effect, Bundesbank President Joachim Nagel said in an interview with Die Zeit newspaper published on Wednesday.