Financial Stability Benchmarks 2025 report – the threat from tariffs
Benchmarks highlight how many central banks see tariffs as a high risk to financial stability
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The Financial Stability Benchmarks 2025 are released against a backdrop of heightened global trade tensions, as US president Donald Trump presses ahead with higher tariffs on countries around the world. Many have retaliated. The resulting trade war is likely to reduce global growth and have varied effects on inflation depending on the levels of tariffs and counter-tariffs.
The benchmarks show central banks are concerned about possible knock-on
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