Tuesday 8th July 2025

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President Trump has announced a new wave of tariffs for a handful of countries, closely aligned to the Liberation Day rates. Of those announced Japan and South Korea are front and centre, each subject to a 25% base rate. 30% is being reapplied to South Africa. Although US equities are well down, NAB’s Tapas Strickland says the market response was rather tame. Perhaps because the implementation of these new rates doesn’t apply until 1st August. Maybe the rates will change. Meanwhile, locally, the focus is on the NAB Business Survey this morning, the RBA decision later. Markets have fully priced in a 25bp cut.

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