US tariff uncertainty poses substantial headwinds to global growth.
Risk of disorderly correction in global asset prices, putting pressure on non-bank lenders.
US tariffs on China may necessitate further policy stimulus from Beijing.
Risk aversion could increase financing costs and cause liquidity strains.
Strong financial position of most households and banks limits the risk of widespread disruption.
Important that bank lending standards remain sound and are not relaxed.
Wary that lower interest rates could encourage households to take on excessive debt.
This report would have been written well before Trump's announcements a few hours ago. Pretty spot on.
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