European finance ministers have expressed their relief at a likely delay to car tariffs by the President Donald Trump administration, and warn that any new levies would weigh on global growth.

The White House has until midnight Friday (Washington time) to decide whether to impose tariffs on European cars and car parts. However, four sources told CNBC earlier this week that the U.S. administration will delay the decision by six months.

"That's a wise decision," French Finance Minister Bruno Le Maire told CNBC Thursday in Brussels. "I think we should avoid any kind of sanctions, tariffs and trade war because, you know, the deep conviction of the French government is entering any kind of trade war will have a very negative effect on global growth, growth for the U.S., growth for China, and of course for all European countries," he added.

Imposing duties on European car imports would likely hurt Germany the most, given that it is one of the largest direct car exporters to the U.S.

This economic threat is an acute concern for European leaders at a time when the euro zone is already showing signs of weakness. Recent manufacturing and growth data have led the European Central Bank (ECB) to cut its growth projections for the year. Growth in the region — and especially Germany — is sensitive to external shocks due to its export-driven economy.