The ongoing crisis is making somewhat obvious that financial stability is relevant for central banks for instance. My message is that a goal that has been mostly ignored (or left as a “by-product”) in a country, could be as important as any other one in certain circumstances.
Only a few open economies with little exposure to the tariff-imposing country may gain as a result of increased competitiveness in third markets. In other words, the overall scenario is clearly a net negative for the world economy as a whole.