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Everyone says when the U.S. sneezes, the world catches a cold. Citi analysts say a slowing U.S. economy and incoming interest rate cuts by the Federal Reserve should not undermine emerging markets too much. But a potential return of former U.S. President Donald Trump to the White House might make things a little more complicated.

The assassination attempt on the Republican candidate last week has prompted a wave of repricing of the odds of a Trump victory. But Citi suggests it is too early to assume a 'Trump 2.0' is fully priced in as the election factor will intertwine with Fed easing drivers