AsianFin -- European Central Bank President Christine Lagarde said Wednesday that the recently agreed U.S.-EU trade deal, while setting tariffs slightly higher than expected, remains broadly aligned with the ECB’s baseline projections.

“The trade deal establishes an effective average tariff estimated between 12% and 16% for U.S. imports of euro area goods,” Lagarde said in Geneva.

“This level is somewhat above—but still close to—the assumptions underpinning our baseline forecast last June,” she added, noting that the outcome is far below the ECB’s severe scenario of tariffs exceeding 20%.