Luis de Guindos, vice-president of the European Central Bank, said global growth and inflation could face a devastating shock if Mr. Trump implements the level of import tariffs he threatened during the election campaign. Speaking at an event in London on Wednesday, Mr. Guindos said economic output would weaken, price pressures would intensify and existing trade flows would be disrupted. The ECB will include in its outlook any policies announced by the new US administration before deciding how t...