Last episode having offered his rapid reactions in the hours after President Trump’s tariff announcement, on Friday 4 April Darren was joined by Dr. Huw Mackay to talk through the economics and financial market angles, a full day after the tariff announcement. How did markets react and what might that tell us about the days and weeks ahead? How will companies be thinking about these events, and what advice would Huw offer to governments around the world on how they ought to manage this policy challenge?

Huw, a former Chief Economist at BHP, offers a vital perspective from the private sector on big questions not just of economics but of geopolitics and foreign policy. Fair warning: the first part of the discussion is extremely wonky, but nevertheless essential, because understanding the potential macroeconomic impacts of these tariffs is a precondition for analysing their impact on geopolitics and the international economic order.

Australia in the World is written, hosted, and produced by Darren Lim, with research and editing this episode by Walter Colnaghi and theme music composed by Rory Stenning.

Relevant links

Huw McKay (LinkedIn): https://au.linkedin.com/in/huw-mckay-6ab582ab

Huw McKay, “How the West can shore up its strategic metals supply chain”, Lowy Interpreter, 28 Feb 2025: https://www.lowyinstitute.org/the-interpreter/how-west-can-shore-its-strategic-metals-supply-chain

William Dalrymple, The Golden Road (2024): https://williamdalrymple.com/books/the-golden-road

Jordan Schneider, China Talk (podcast): https://www.chinatalk.media/p/podcast-corruption-spies-tiananmen