The outcome of the global trade war could meaningfully alter the euro zone's inflation path, the European Central Bank said on Thursday as it outlined several scenarios to its central view.

It was the eighth rate cut in the past year as officials try to steer Europe’s economy through “exceptional” uncertainty.

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.