The US reports substantial progress in weekend trade talks with China. A ceasefire between India and Pakistan is holding. China re-routed a lot of exports to Asia and Europe in April. ANZ Research raises its milk price forecasts in New Zealand to a record high $10/kg.

In our deep-dive interview, ANZ Economist Bansi Madhavani explains a divergence that has developed between the economies of South Korea and Taiwan, despite facing the same tariff shocks to their exports to the United States

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