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.

The European Central Bank is weighing the impact of higher U.S. tariffs on eurozone inflation, and appears likely to continue with a series of rate cuts that began in June and has picked up pace.

Trump’s tariff plans are cheered by most of his economic advisers, who see them as a useful tool to rebalance an import-dependent U.S. economy. Most economists fear the inflationary impacts of sharply higher taxes on U.