The European Central Bank cut interest rates Thursday, putting the body further ahead of its U.S. counterpart in moving toward a less restrictive monetary policy—likely to the chagrin of President Donald Trump.

The European Central Bank (ECB) has cut its key interest rate for the eighth time in just over a year as it warned about continuing pressure on the eurozone from Donald Trump's tariffs. The main rate has been reduced from 2.

The European Central Bank cut its benchmark interest rate for an eighth time, aiming to support businesses and consumers with more affordable borrowing as U.S. President Donald Trump’s trade war threatens to slow already tepid growth.