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03.02.2025: Trump’s tariffs not fully priced in. Outlook for USD, EUR, Brent, RUB
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Stubborn inflation, supply chain disruptions, and trade wars – these are the grim prospects the world faces under Donald Trump's alarming executive orders. The chaos that followed after February 1 demonstrated how unprepared the markets were for this scenario.
Most market participants believed that the tariffs would be introduced gradually. The announced lofty 25% tariffs were viewed as just another threat from the eccentric US president. His aggressive rhetoric was largely met with scepticism.
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