US stocks are down as the White House points out total tariffs on China actually add up to 145%. Gold jumps to a record high.  China is set to cut interest rates in response to Trump’s tariffs. And New Zealand’s truck movements indicate a sluggish recovery.

In our bonus deep dive interview, ANZ Group Chief Economist Richard Yetsenga analyses yesterday’s pivot by Donald Trump to pause global tariff hikes, apart from China.

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