The ECB has cut interest rates for the seventh time in a year, with rates now at 2.25%, 2.40%, and 2.65%. The disinflation process is on track, but growth outlook has worsened due to global trade tensions, particularly from US tariffs. Despite a historic spending package from Germany, trade disputes threaten eurozone recovery. Economists predict stagnation in eurozone growth and potential deflationary effects from tariffs, as economic uncertainty restrains spending and could lead to increased supply from redirected trade.