The Russian central bank warned that the increase in U.S. tariffs could lead to a global economic slowdown and higher inflation, potentially causing oil prices to stay below projections for a few years due to decreased global demand. President Trump's plans to impose new tariffs on imports sparked concerns about escalating trade tensions and disrupting established trade patterns. The central bank noted that the tariff hikes and retaliatory measures by other countries were raising the risks of economic growth deceleration and inflation acceleration worldwide. Inflationary pressures had lessened in Russia due to lower domestic demand and a stronger rouble, although they were still a concern. The rouble's recent strengthening against the U.S. dollar, possibly influenced by improved Russia-U.S. relations, was linked to increased interest in Russian assets and a higher Russian key interest rate compared to other countries.