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FED'S MIRAN: I DON'T SEE A WAGE PRICE SPIRAL FORMING

German officials are mapping U.S. supply-chain vulnerabilities to identify potential leverage in future disputes with President Donald Trump, as part of a broader European effort to reassess transatlantic ties. Early options include targeting major U.S. tech firms such as Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc., as well as exploiting choke points in AI and semiconductor supply chains involving firms like ASML Holding NV. Officials also see leverage in Europe’s role in pharmaceuticals, chemicals and investment flows, while more extreme measures are viewed as unlikely due to potential economic and security fallout.