US stocks, bond yields and the US dollar are down sharply after Donald Trump unveiled much higher than expected tariffs. Investors fear a US recession and higher inflation. Australia though may fare better, with gold exempted, and beef prices high.

In our bonus deep dive interview, I spoke with ANZ Senior International Economist Tom Kenny late last night about what would be an unprecedented rise in US tariffs to higher than levels seen after the Smoot Hawley Act of 1930.

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