The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again.

The European Central Bank held its key interest rate at 2% at its July meeting, citing an "exceptionally uncertain" environment due to trade disputes. The EU remains locked in negotiations with the U.

The European Central Bank will likely hold off on making another interest rate cut Thursday, choosing to wait until it can measure the size of any economic blow from higher U.S. tariffs. The ECB has already cut rates eight times since June of last year and President Christine Lagarde said after the last policy meeting June 5 that the central bank is “getting to the end of a monetary policy cycle.