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    <description>Presidentially imposed tariff increases and threats of further escalation act as protectionist trade instruments designed to alter trade balances and encourage onshoring, while provoking retaliatory tariffs that disrupt supply chains, raise import costs, and increase inflation expectations. These reciprocal duties and higher uncertainty constrain central bank policy options by forcing a trade-off between supporting growth and containing inflation, thereby amplifying market volatility and economic downside risk.</description>
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