The recent ruling by a U.S. trade court rescinding much of President Trump's tariffs has thrown U.S. policy into the further uncertainty.
At,first glance, this ruling could weaken the US position in ongoing negotiations with trade partners, including the EU and China.
The latest bout of trade uncertainty also complicates the outlook for central banks. As they prepare for their next policy meeting in June.
For the ECB, the June macroeconomic forecasts could also include a further downgrade to near term growth protections, with governing council members striking a relatively dovish tone in recent weeks.
