• Cable down to 1.2914 vs 1.2965 four-month top Tuesday amid tariff news focus

• Trump's steel, aluminum tariffs take effect; UK isn't retaliating, but EU is

• Pound is risk-sensitive; USD safer-haven. JPM sees 40% U.S. recession chance

• 1.2900 (ex-resistance) and 1.2862 (Monday's low) are GBP/USD support levels

• U.S. CPI data due 1230 GMT: 0.3% MM, 2.9% YY f/c. Core f/c 0.3% MM, 3.2% YY

• Ukraine ready to accept U.S. proposal for 30-day ceasefire with Russia

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(Robert Howard is a Reuters market analyst. The views expressed are his own)