Thursday 13th March 2025

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The Trump administration applied a worldwide tariff on exports of aluminium and steel to the US effective today. The knee jerk response has varied from country to country.  Europe is enacting retaliatory measures, whereas the UK is keeping quiet and hoping for some sort of free  trade deal.  Good luck with that. NAB’s Sally Auld says Australia is sensibly avoiding an immediate response, given it constitutes a relatively small part of our total export market. But tariffs are showing signs of slowing economies. A snap survey by the Bank of Canada - who cut rates yesterday – showed households and businesses were cutting back on spending in the face of uncertainty. Repeated globally could this transmit into an economic slowdown that will see central banks ignoring short term lifts in inflation, assuming prices will fall as the economy slows.

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