Trump's 'reign of tariffs' is nearly here. These are the 3 big risks facing markets.

President Donald Trump froze nearly all federal grants and loans.

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• Analysts are lowering their S&P 500 targets heading into the second quarter.
• Tariff-driven inflation and stagflation are risks to watch for in the next three months.
• But rising worries leave room for upside surprise, Deutsche Bank said.

As markets close out a brutal quarter, investors should prepare for another three months of pain ahead.

Inflation and...