Refuses to acknowledge price reductions (4)

I believe the answer is:

cuts

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'reductions' is the definition.
(cut is a kind of reduction)

I don't understand the remainder of the clue.

(Other definitions for cuts that I've seen before include "Retrenchment" , "Severs" , "Snubs" , "Incisions" , "Reductions" .)

I've seen this clue in The Globe and Mail.

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