ECB cuts interest rates to 2% as inflation cools

The European Central Bank has cut the cost of borrowing for the eighth time in the past year. Fiscal policymakers have been seeking to prop up a eurozone economy that was floundering even before US tariff announcements.

The European Central Bank's rate-setting council on Thursday cut the institution's benchmark rate a quarter-point to 2% as it seeks to stimulate the eurozone's struggling economy.

The reduction comes after US President Donald Trump's most recent threat to raise tariffs on goods from the European Union to 50% after expressing dissatisfaction with the progress of trade talks.

More to come...