Wednesday 12th February 2025

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The Trump administration is pushing ahead with 25% tariffs on all steel and aluminium. Australia still hopes it will be exempt, but there are no guarantees and, in any case, NAB’s Taylor Nugent argues there will be second-order impacts as the tariffs hit China. The EU meanwhile has promised swift retaliation, with the various trade ministers meeting today to map out their approach. Curiously, European equities are doing somewhat better than the US. The US dollar has also weakened, despite the President’s promise that the tariffs will make America rich again. The NAB Business Survey showed a slight rise in confidence, as business conditions softened. The latest small business survey in the US also back tracked a little. Today the main focus, apart from tariff news, is the latest setoff US CPI numbers.

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