Trump's tariffs push will hit the U.S. harder than Europe in the short term, Santander chair says

1. White House tariffs may negatively impact the U.S. economy more than Europe. 2. Tariffs are deemed a tax on consumers, affecting growth and inflation. 3. Banco Santander's chair foresees slower U.S. growth compared to Europe. 4. The EU is boosting defense spending to mitigate trade impacts. 5. Uncertainty in tariffs complicates monetary policy for European banks.