But ECB president Christine Lagarde is unlikely to go on a victory lap, as the 10 per cent universal tariffs Trump imposed on most imports — combined with concerns over even higher rates should the US and its trading partners fail to strike a deal — could dent economic sentiment as well as growth prospects.

The following day, purchasing manager indexes from Japan to Europe to the US will offer the first coordinated glimpse of manufacturing and services activity since Trump’s global tariffs — now partly on hold — were unleashed on April 2.

Trump placed tariffs totaling 145% on China, leading China to retaliate with tariffs of 125% on the U.S. — essentially triggering a trade war between the world’s two largest economies with the potential to bring on a recession.