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Report: Europe may turn to tax cuts as trade tensions impact economy

French President Emmanuel Macron expects that Europe will "probably" see new tax cuts as policymakers try to bolster the continent's economy, Reuters reported Aug. 24.

Europe's economy has suffered amid ongoing trade tensions between the U.S. and its major trade partners, Reuters noted.

"When I look at Europe especially, we need some new tools to relaunch our economy," Reuters reported that Macron told U.S. President Donald Trump. "We will probably decide to have new tax cuts."

Trump, Macron and other leaders were gathered in Biarritz, France, for a G-7 summit.