Despite revisions to our global growth views on escalating trade disputes, the backdrop looksrelatively supportive for the CEEMEA economies we cover.    Most of the economies have relatively modest direct trade exposure to the US, so higher tariffsshould have a relatively small impact on them, at least initially.    A more pronounced slowdown in the eurozone than our base case would represent thebiggest risk to the growth and activity outlook for most CEEMEA economies, in our view.

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