“The most likely policies in the near term involve the announcement of a formal process to determine whether China is ‘manipulating’ its currency, and the initiation of trade remedy cases on a number of products,” it said.

Other analysts have also pointed to the potential hit to global economic growth from Trump’s protectionist policies.

In a note last week, analysts at Citi called the rise in protectionism “a material and rising risk,” with the U.S. accounting for much of that.

“Increases in protectionism can have major adverse effects on growth,” the Citi note said, citing OECD estimates that a permanent 10 percent rise in trade costs could shave global gross domestic product (GDP) by around 1 percent in the medium term.

Citi noted the adverse effects would be reinforced by retaliation measures in other countries and as rising uncertainty dampens business confidence, reducing capital expenditure.

—By CNBC.Com’s Leslie Shaffer; Follow her on Twitter @LeslieShaffer1

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