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    <description>The executive pause on many tariffs, followed by a clarification that aggregated levies on Chinese imports remain higher, created legal and administrative ambiguity about tariff calculation and predictability. That dual messaging elevated concerns about trade retaliation risk and international coordination, prompting some jurisdictions to restrain measures while others signalled reciprocal responses. Markets reacted with rapid equity and sovereign bond volatility, demonstrating how tariff disclosure and policy uncertainty transmit to asset prices and funding conditions.</description>
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