Global economic growth and inflation could face a devastating shock if Trump implements the level of import tariffs he threatened during his campaign, ECB deputy president Luis de Guindos said. Economic output will weaken, price pressures will intensify and existing trade flows will be disrupted, Guindos said at an event in London on Wednesday. The ECB will incorporate any policies announced by the new U.S. administration into its outlook before deciding how to respond. Guindos said policymakers will continue to be guided by the data and will pay particular attention to bank lending surveys to determine whether financing conditions are stimulative or restrictive. He said the forecast, due to be released next month, will not differ much from September.