Thursday 28th August July 2025

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Today’s big news is the 50% tariff slapped on India. Sally Auld says it presents a challenge for India. The tariff is high enough for US importers to look elsewhere for substitute goods. It’ll be welcome news in Europe, though, because the tariff is to stop India buying Russian oil. Europe is, itself, considering secondary tariffs. It’s also fast-tracking an end to many tariffs on US imports, in the hope of bringing down Trump’s tariff on European cars. That’s all interesting stuff but markets are most interested in NVIDIA earnings, which disappointed only in that they didn’t exceed expectations. Still, that seem enough to drag shares down across the chip sector. Phil also asks Sally why Australian inflation came in so much higher than expected yesterday.

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