Markets are underestimating the potential impact of new tariffs and are relying on illusions about the so-called "protections" offered by Trump and the Federal Reserve, say JPMorgan financial group specialists in the guide released yesterday and titled "Tactical Considerations on Tariffs", taken up yesterday by the Zerohedge website and the Danish publication Okonomisk Ugebrev. In a global context marked by persistent inflation, economic slowdown and geopolitical uncertainties, Trump's trade

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