FRANKFURT, Nov 18 Reuters Two top European Central Bank policymakers signalled on Monday they were more worried about the damage that expected new U.S. trade tariffs would do to economic growth in the euro zone than any impact on inflation.

Investors and policymakers around the world are awaiting the details of U.S. Presidentelect Donald Trump39;s new trade policy after he made protectionism a key element of his pitch to voters during the campaign.

ECB VicePresident Luis de Guindos and Bundesbank President Joachim Nagel put the emphasis on the hit that new trade restrictions would have on output while they appeared more sanguine on the outlook for inflation, which has been easing after a twoyear surge.

The balance of macrorisks has shifted from concerns about high inflation to fears over economic growth, de Guindos told an event in Frankfurt.

The growth outlook is clouded by uncertainty about economic policies and the geopolitical landscape, both in the euro area and globally. Trade tensions could rise further, increasing the risk of tail events materialising.

Some analysts fear Trump39;s second term could bring a much worse rerun of the Republican former president39;s 20182019 trade war with China, with ramifications for Europe and possible retaliation.

Nagel, speaking in Tokyo, said the tariffs promised by Trump would upend international trade but he was not overly worried about their impact on inflation.

Global integration would have to decrease substantially…