Bad hair day: US tariffs hit black women's braids, wigs
Before the oppressive summer heat descends on Atlanta, therapist Brittanee Sims usually gets her thick, curly hair braided at a salon.
But it's more expensive this year. So she'll only pay for her teenage daughter and son to get their summer hairdos.
Now, she said, she has to "go home and figure out what I'm gonna do to my hair in the morning, after I went to the gym and it's messed up with sweating and frizz".
President Donald Trump's tariffs are driving up prices for products many black women consider essential, squeezing shoppers and stylists even more as they grapple with inflation and higher rents.
Much of the synthetic braiding hair, human hair for extensions, wigs and weaves, styling tools, braiding gel and other products are imported from China, which was subject to a combined 145 per cent tariff in April.
Many black women have hair types and workplace-favoured styles that require careful attention, and they can spend hundreds of dollars at salons each month on extensions, weaves, wigs and braids.
On Thursday, a federal appeals court reinstated most of Trump's tariffs on imported goods after they were blocked the day before by a three-judge panel of the US Court of International Trade.
Earlier this month, the United States agreed to drop the 145 per cent tax on goods imported from China to 30 per cent while the two economic superpowers negotiate new trade agreements.
Imports from most other countries face baseline tariff rates at 10 per cent.
Regardless, the next few months "are already shot" for many items, said Marty Parker, a University of Georgia business professor and supply chain expert who worked in the hair care industry.
The costs companies have been facing at ports are making their way down to consumers, supply shortages are getting worse, and it's unclear what will happen if negotiations break down.
"Prices go up very fast and come down very slow," Parker said.
Some stylists said they're seeing fewer clients because prices are going up for virtually everything.
Atlanta stylists are paying more for hair from China.
Atlanta stylist Yana Ellis, who also sells products like wigs, paid an extra $US245 ($A381) in shipping for 52 bundles of hair in March compared to 40 bundles in December.
AaNiyah Butler said her shipping costs for human hair more than doubled from February to May.
And Dajiah Blackshear found in early May that a beauty supply store raised the cost of the kind of hair she's used for years by $US100 ($A155).
The store owner said he may have to stop selling that brand of hair because it went up so much.
Similarly, some wholesale hair stores have seen higher costs or are expecting them in the coming weeks.
Even the typical $US6 ($A9.3) to $US10 ($A16) cost of a pack of synthetic hair has crept up.
Blackshear doesn't want clients to bring hair because she likes to vet the quality.
But if expenses continue to mount, she may have to raise her prices.
"It's going to be extremely difficult," she said, especially for clients who are "having to make those hard decisions, between 'do I get my hair done or do I pay my bills?'"
Janice Lowe, who runs 5 Starr Salon in a lower-income neighbourhood southeast of Atlanta, has started asking clients to bring hair and is unable to purchase certain products.
"I'm falling behind on my obligations," she said.
Consultants vary on how much prices will rise, when they'll go up and for how long — and the full harm to stylists and consumers could be months away.
The global black hair care industry was worth about $US3.2 billion ($A5.0 billion) in 2023, according to market.us, and black women spend six times more on hair care than other ethnicities.
Stylists often purchase some harder-to-get professional products from door-to-door distributors that buy from wholesale companies or larger distributors that purchase directly from other countries.
Lowe has seen some of her distributors vanish altogether, making it harder to get professional lines such as black-owned leading professional hair care brand Design Essentials, manufactured in Atlanta at McBride Research Laboratories.
Design Essentials is trying to delay big price increases until 2026 or 2027, and may turn to layoffs or pause promotions to save money, said president Cornell McBride Jr.
"Nobody wants to put it to the consumer but the person who pays is the consumer in the end," McBride Jr. said.
Hawa Keita and her mother usually charge customers between $US160 ($A249) and $US250 ($A389) for braiding at their shop, Eve's African Hair Braiding in College Park southwest of Atlanta.
Keita is determined to take losses because their customers "can't afford the Atlanta prices," Keita said.
The cost of a box of 100 packs of braiding hair from China went up for the first time in two years, from $US250 ($A389) to $US300 ($A466), Keita said.
They order weekly, often multiple boxes. Some companies say they'll soon raise prices or run out of stock.
Making customers happy is ultimately what will keep the business afloat, Keita said.
She smiled as she recounted braiding a young woman's hair for her birthday with a style she suggested.
"When we finished, she gave me the biggest hug, and she was in here screaming and just yelling because she just really loved her hair," Keita said.
Before the oppressive summer heat descends on Atlanta, therapist Brittanee Sims usually gets her thick, curly hair braided at a salon.
But it's more expensive this year. So she'll only pay for her teenage daughter and son to get their summer hairdos.
Now, she said, she has to "go home and figure out what I'm gonna do to my hair in the morning, after I went to the gym and it's messed up with sweating and frizz".
President Donald Trump's tariffs are driving up prices for products many black women consider essential, squeezing shoppers and stylists even more as they grapple with inflation and higher rents.
Much of the synthetic braiding hair, human hair for extensions, wigs and weaves, styling tools, braiding gel and other products are imported from China, which was subject to a combined 145 per cent tariff in April.
Many black women have hair types and workplace-favoured styles that require careful attention, and they can spend hundreds of dollars at salons each month on extensions, weaves, wigs and braids.
On Thursday, a federal appeals court reinstated most of Trump's tariffs on imported goods after they were blocked the day before by a three-judge panel of the US Court of International Trade.
Earlier this month, the United States agreed to drop the 145 per cent tax on goods imported from China to 30 per cent while the two economic superpowers negotiate new trade agreements.
Imports from most other countries face baseline tariff rates at 10 per cent.
Regardless, the next few months "are already shot" for many items, said Marty Parker, a University of Georgia business professor and supply chain expert who worked in the hair care industry.
The costs companies have been facing at ports are making their way down to consumers, supply shortages are getting worse, and it's unclear what will happen if negotiations break down.
"Prices go up very fast and come down very slow," Parker said.
Some stylists said they're seeing fewer clients because prices are going up for virtually everything.
Atlanta stylists are paying more for hair from China.
Atlanta stylist Yana Ellis, who also sells products like wigs, paid an extra $US245 ($A381) in shipping for 52 bundles of hair in March compared to 40 bundles in December.
AaNiyah Butler said her shipping costs for human hair more than doubled from February to May.
And Dajiah Blackshear found in early May that a beauty supply store raised the cost of the kind of hair she's used for years by $US100 ($A155).
The store owner said he may have to stop selling that brand of hair because it went up so much.
Similarly, some wholesale hair stores have seen higher costs or are expecting them in the coming weeks.
Even the typical $US6 ($A9.3) to $US10 ($A16) cost of a pack of synthetic hair has crept up.
Blackshear doesn't want clients to bring hair because she likes to vet the quality.
But if expenses continue to mount, she may have to raise her prices.
"It's going to be extremely difficult," she said, especially for clients who are "having to make those hard decisions, between 'do I get my hair done or do I pay my bills?'"
Janice Lowe, who runs 5 Starr Salon in a lower-income neighbourhood southeast of Atlanta, has started asking clients to bring hair and is unable to purchase certain products.
"I'm falling behind on my obligations," she said.
Consultants vary on how much prices will rise, when they'll go up and for how long — and the full harm to stylists and consumers could be months away.
The global black hair care industry was worth about $US3.2 billion ($A5.0 billion) in 2023, according to market.us, and black women spend six times more on hair care than other ethnicities.
Stylists often purchase some harder-to-get professional products from door-to-door distributors that buy from wholesale companies or larger distributors that purchase directly from other countries.
Lowe has seen some of her distributors vanish altogether, making it harder to get professional lines such as black-owned leading professional hair care brand Design Essentials, manufactured in Atlanta at McBride Research Laboratories.
Design Essentials is trying to delay big price increases until 2026 or 2027, and may turn to layoffs or pause promotions to save money, said president Cornell McBride Jr.
"Nobody wants to put it to the consumer but the person who pays is the consumer in the end," McBride Jr. said.
Hawa Keita and her mother usually charge customers between $US160 ($A249) and $US250 ($A389) for braiding at their shop, Eve's African Hair Braiding in College Park southwest of Atlanta.
Keita is determined to take losses because their customers "can't afford the Atlanta prices," Keita said.
The cost of a box of 100 packs of braiding hair from China went up for the first time in two years, from $US250 ($A389) to $US300 ($A466), Keita said.
They order weekly, often multiple boxes. Some companies say they'll soon raise prices or run out of stock.
Making customers happy is ultimately what will keep the business afloat, Keita said.
She smiled as she recounted braiding a young woman's hair for her birthday with a style she suggested.
"When we finished, she gave me the biggest hug, and she was in here screaming and just yelling because she just really loved her hair," Keita said.
Before the oppressive summer heat descends on Atlanta, therapist Brittanee Sims usually gets her thick, curly hair braided at a salon.
But it's more expensive this year. So she'll only pay for her teenage daughter and son to get their summer hairdos.
Now, she said, she has to "go home and figure out what I'm gonna do to my hair in the morning, after I went to the gym and it's messed up with sweating and frizz".
President Donald Trump's tariffs are driving up prices for products many black women consider essential, squeezing shoppers and stylists even more as they grapple with inflation and higher rents.
Much of the synthetic braiding hair, human hair for extensions, wigs and weaves, styling tools, braiding gel and other products are imported from China, which was subject to a combined 145 per cent tariff in April.
Many black women have hair types and workplace-favoured styles that require careful attention, and they can spend hundreds of dollars at salons each month on extensions, weaves, wigs and braids.
On Thursday, a federal appeals court reinstated most of Trump's tariffs on imported goods after they were blocked the day before by a three-judge panel of the US Court of International Trade.
Earlier this month, the United States agreed to drop the 145 per cent tax on goods imported from China to 30 per cent while the two economic superpowers negotiate new trade agreements.
Imports from most other countries face baseline tariff rates at 10 per cent.
Regardless, the next few months "are already shot" for many items, said Marty Parker, a University of Georgia business professor and supply chain expert who worked in the hair care industry.
The costs companies have been facing at ports are making their way down to consumers, supply shortages are getting worse, and it's unclear what will happen if negotiations break down.
"Prices go up very fast and come down very slow," Parker said.
Some stylists said they're seeing fewer clients because prices are going up for virtually everything.
Atlanta stylists are paying more for hair from China.
Atlanta stylist Yana Ellis, who also sells products like wigs, paid an extra $US245 ($A381) in shipping for 52 bundles of hair in March compared to 40 bundles in December.
AaNiyah Butler said her shipping costs for human hair more than doubled from February to May.
And Dajiah Blackshear found in early May that a beauty supply store raised the cost of the kind of hair she's used for years by $US100 ($A155).
The store owner said he may have to stop selling that brand of hair because it went up so much.
Similarly, some wholesale hair stores have seen higher costs or are expecting them in the coming weeks.
Even the typical $US6 ($A9.3) to $US10 ($A16) cost of a pack of synthetic hair has crept up.
Blackshear doesn't want clients to bring hair because she likes to vet the quality.
But if expenses continue to mount, she may have to raise her prices.
"It's going to be extremely difficult," she said, especially for clients who are "having to make those hard decisions, between 'do I get my hair done or do I pay my bills?'"
Janice Lowe, who runs 5 Starr Salon in a lower-income neighbourhood southeast of Atlanta, has started asking clients to bring hair and is unable to purchase certain products.
"I'm falling behind on my obligations," she said.
Consultants vary on how much prices will rise, when they'll go up and for how long — and the full harm to stylists and consumers could be months away.
The global black hair care industry was worth about $US3.2 billion ($A5.0 billion) in 2023, according to market.us, and black women spend six times more on hair care than other ethnicities.
Stylists often purchase some harder-to-get professional products from door-to-door distributors that buy from wholesale companies or larger distributors that purchase directly from other countries.
Lowe has seen some of her distributors vanish altogether, making it harder to get professional lines such as black-owned leading professional hair care brand Design Essentials, manufactured in Atlanta at McBride Research Laboratories.
Design Essentials is trying to delay big price increases until 2026 or 2027, and may turn to layoffs or pause promotions to save money, said president Cornell McBride Jr.
"Nobody wants to put it to the consumer but the person who pays is the consumer in the end," McBride Jr. said.
Hawa Keita and her mother usually charge customers between $US160 ($A249) and $US250 ($A389) for braiding at their shop, Eve's African Hair Braiding in College Park southwest of Atlanta.
Keita is determined to take losses because their customers "can't afford the Atlanta prices," Keita said.
The cost of a box of 100 packs of braiding hair from China went up for the first time in two years, from $US250 ($A389) to $US300 ($A466), Keita said.
They order weekly, often multiple boxes. Some companies say they'll soon raise prices or run out of stock.
Making customers happy is ultimately what will keep the business afloat, Keita said.
She smiled as she recounted braiding a young woman's hair for her birthday with a style she suggested.
"When we finished, she gave me the biggest hug, and she was in here screaming and just yelling because she just really loved her hair," Keita said.
Before the oppressive summer heat descends on Atlanta, therapist Brittanee Sims usually gets her thick, curly hair braided at a salon.
But it's more expensive this year. So she'll only pay for her teenage daughter and son to get their summer hairdos.
Now, she said, she has to "go home and figure out what I'm gonna do to my hair in the morning, after I went to the gym and it's messed up with sweating and frizz".
President Donald Trump's tariffs are driving up prices for products many black women consider essential, squeezing shoppers and stylists even more as they grapple with inflation and higher rents.
Much of the synthetic braiding hair, human hair for extensions, wigs and weaves, styling tools, braiding gel and other products are imported from China, which was subject to a combined 145 per cent tariff in April.
Many black women have hair types and workplace-favoured styles that require careful attention, and they can spend hundreds of dollars at salons each month on extensions, weaves, wigs and braids.
On Thursday, a federal appeals court reinstated most of Trump's tariffs on imported goods after they were blocked the day before by a three-judge panel of the US Court of International Trade.
Earlier this month, the United States agreed to drop the 145 per cent tax on goods imported from China to 30 per cent while the two economic superpowers negotiate new trade agreements.
Imports from most other countries face baseline tariff rates at 10 per cent.
Regardless, the next few months "are already shot" for many items, said Marty Parker, a University of Georgia business professor and supply chain expert who worked in the hair care industry.
The costs companies have been facing at ports are making their way down to consumers, supply shortages are getting worse, and it's unclear what will happen if negotiations break down.
"Prices go up very fast and come down very slow," Parker said.
Some stylists said they're seeing fewer clients because prices are going up for virtually everything.
Atlanta stylists are paying more for hair from China.
Atlanta stylist Yana Ellis, who also sells products like wigs, paid an extra $US245 ($A381) in shipping for 52 bundles of hair in March compared to 40 bundles in December.
AaNiyah Butler said her shipping costs for human hair more than doubled from February to May.
And Dajiah Blackshear found in early May that a beauty supply store raised the cost of the kind of hair she's used for years by $US100 ($A155).
The store owner said he may have to stop selling that brand of hair because it went up so much.
Similarly, some wholesale hair stores have seen higher costs or are expecting them in the coming weeks.
Even the typical $US6 ($A9.3) to $US10 ($A16) cost of a pack of synthetic hair has crept up.
Blackshear doesn't want clients to bring hair because she likes to vet the quality.
But if expenses continue to mount, she may have to raise her prices.
"It's going to be extremely difficult," she said, especially for clients who are "having to make those hard decisions, between 'do I get my hair done or do I pay my bills?'"
Janice Lowe, who runs 5 Starr Salon in a lower-income neighbourhood southeast of Atlanta, has started asking clients to bring hair and is unable to purchase certain products.
"I'm falling behind on my obligations," she said.
Consultants vary on how much prices will rise, when they'll go up and for how long — and the full harm to stylists and consumers could be months away.
The global black hair care industry was worth about $US3.2 billion ($A5.0 billion) in 2023, according to market.us, and black women spend six times more on hair care than other ethnicities.
Stylists often purchase some harder-to-get professional products from door-to-door distributors that buy from wholesale companies or larger distributors that purchase directly from other countries.
Lowe has seen some of her distributors vanish altogether, making it harder to get professional lines such as black-owned leading professional hair care brand Design Essentials, manufactured in Atlanta at McBride Research Laboratories.
Design Essentials is trying to delay big price increases until 2026 or 2027, and may turn to layoffs or pause promotions to save money, said president Cornell McBride Jr.
"Nobody wants to put it to the consumer but the person who pays is the consumer in the end," McBride Jr. said.
Hawa Keita and her mother usually charge customers between $US160 ($A249) and $US250 ($A389) for braiding at their shop, Eve's African Hair Braiding in College Park southwest of Atlanta.
Keita is determined to take losses because their customers "can't afford the Atlanta prices," Keita said.
The cost of a box of 100 packs of braiding hair from China went up for the first time in two years, from $US250 ($A389) to $US300 ($A466), Keita said.
They order weekly, often multiple boxes. Some companies say they'll soon raise prices or run out of stock.
Making customers happy is ultimately what will keep the business afloat, Keita said.
She smiled as she recounted braiding a young woman's hair for her birthday with a style she suggested.
"When we finished, she gave me the biggest hug, and she was in here screaming and just yelling because she just really loved her hair," Keita said.
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Despite the sharp declines in equity markets during February, March and into April, the US S&P 500 index made a strong recovery following the announcement of a 90-day pause on tariffs. Even though this was welcomed news, there is much uncertainty on the path of tariff negotiations, and this presents more downside risk for share markets until these matters are fully resolved. We therefore continue to maintain a balanced view on risk. If you'd like to review your investment strategy, it's a good idea to speak to a financial planner. Seeking advice is a way to plan for your future, mitigate risks and make the most of your saving opportunities. Education is integral to the planning process - staying informed will help you feel more confident about your super and your retirement. You can speak to one of NGS's Super Specialists - it's complimentary, and they can answer general questions about super, investments, insurance or transition to retirement. To learn more or book your free chat with an NGS Super Specialist call NGS Super on 1300 133 177 or go online to This is general information only and does not take into account your objectives, financial situation or needs. Before acting on this information, or making an investment decision, consider whether it is appropriate to you and read NGS's Product Disclosure Statements and Target Market Determinations. Also consider obtaining financial, taxation and/or legal advice tailored to your personal circumstances. Financial products are issued by NGS Super Pty Ltd ABN 46 003 491 487 RSE Licence L0000567 and AFSL 233 154. Market projections and predictions are based on current assumptions and are subject to change. These are not guarantees of future results. Information current as at May 13. This is branded content for NGS Super. Global tariffs have been one of the big topics dominating news headlines lately, but what does it all mean for you? In this column, NGS Super's Chief Investment Officer, Ben Squires, breaks down what's happening, the potential effect on superannuation, and how NGS Super is responding. US President Donald Trump has implemented various policies impacting the global economy, including tariffs on products imported into the US. Australia isn't exempt from the new tariffs, including on our steel and aluminium. The impact is small, less than one per cent of our exports go to the US, however, Australia can't completely escape the consequences - the effects are being felt globally, with trade slowing down, and share markets fluctuating. At NGS, our priority remains protecting and growing members' wealth with a diversified portfolio that can navigate different market environments, such as heightened volatility and equity downturns. By diversifying across asset classes, NGS does not rely solely on share markets for returns. While equities remain a core driver of growth, we actively manage risk through defensive strategies. Our international share portfolio declined only three per cent since February 19 to May 13, 2025, compared to a four per cent drop in the S&P 500 over the same period. To mitigate downside risk, we have a multi-asset strategy that balances equities with defensive exposures including precious metals, government bonds, hedging strategies, alternative assets and diversifiers. In recent years, we've seen strong returns from markets, and a market pullback isn't entirely unexpected. While the Diversified MySuper option posted a negative 1.5 per cent return for March and share markets fell into correction territory of around a 10 per cent fall in the start of April, the Diversified MySuper option has recovered, delivering a Financial Year To Date return of 8.84 per cent, as at May 13, 2025. Despite the sharp declines in equity markets during February, March and into April, the US S&P 500 index made a strong recovery following the announcement of a 90-day pause on tariffs. Even though this was welcomed news, there is much uncertainty on the path of tariff negotiations, and this presents more downside risk for share markets until these matters are fully resolved. We therefore continue to maintain a balanced view on risk. If you'd like to review your investment strategy, it's a good idea to speak to a financial planner. Seeking advice is a way to plan for your future, mitigate risks and make the most of your saving opportunities. Education is integral to the planning process - staying informed will help you feel more confident about your super and your retirement. You can speak to one of NGS's Super Specialists - it's complimentary, and they can answer general questions about super, investments, insurance or transition to retirement. To learn more or book your free chat with an NGS Super Specialist call NGS Super on 1300 133 177 or go online to This is general information only and does not take into account your objectives, financial situation or needs. Before acting on this information, or making an investment decision, consider whether it is appropriate to you and read NGS's Product Disclosure Statements and Target Market Determinations. Also consider obtaining financial, taxation and/or legal advice tailored to your personal circumstances. Financial products are issued by NGS Super Pty Ltd ABN 46 003 491 487 RSE Licence L0000567 and AFSL 233 154. Market projections and predictions are based on current assumptions and are subject to change. These are not guarantees of future results. Information current as at May 13. This is branded content for NGS Super. Global tariffs have been one of the big topics dominating news headlines lately, but what does it all mean for you? In this column, NGS Super's Chief Investment Officer, Ben Squires, breaks down what's happening, the potential effect on superannuation, and how NGS Super is responding. US President Donald Trump has implemented various policies impacting the global economy, including tariffs on products imported into the US. Australia isn't exempt from the new tariffs, including on our steel and aluminium. The impact is small, less than one per cent of our exports go to the US, however, Australia can't completely escape the consequences - the effects are being felt globally, with trade slowing down, and share markets fluctuating. At NGS, our priority remains protecting and growing members' wealth with a diversified portfolio that can navigate different market environments, such as heightened volatility and equity downturns. By diversifying across asset classes, NGS does not rely solely on share markets for returns. While equities remain a core driver of growth, we actively manage risk through defensive strategies. Our international share portfolio declined only three per cent since February 19 to May 13, 2025, compared to a four per cent drop in the S&P 500 over the same period. To mitigate downside risk, we have a multi-asset strategy that balances equities with defensive exposures including precious metals, government bonds, hedging strategies, alternative assets and diversifiers. In recent years, we've seen strong returns from markets, and a market pullback isn't entirely unexpected. While the Diversified MySuper option posted a negative 1.5 per cent return for March and share markets fell into correction territory of around a 10 per cent fall in the start of April, the Diversified MySuper option has recovered, delivering a Financial Year To Date return of 8.84 per cent, as at May 13, 2025. Despite the sharp declines in equity markets during February, March and into April, the US S&P 500 index made a strong recovery following the announcement of a 90-day pause on tariffs. Even though this was welcomed news, there is much uncertainty on the path of tariff negotiations, and this presents more downside risk for share markets until these matters are fully resolved. We therefore continue to maintain a balanced view on risk. If you'd like to review your investment strategy, it's a good idea to speak to a financial planner. Seeking advice is a way to plan for your future, mitigate risks and make the most of your saving opportunities. Education is integral to the planning process - staying informed will help you feel more confident about your super and your retirement. You can speak to one of NGS's Super Specialists - it's complimentary, and they can answer general questions about super, investments, insurance or transition to retirement. To learn more or book your free chat with an NGS Super Specialist call NGS Super on 1300 133 177 or go online to This is general information only and does not take into account your objectives, financial situation or needs. Before acting on this information, or making an investment decision, consider whether it is appropriate to you and read NGS's Product Disclosure Statements and Target Market Determinations. Also consider obtaining financial, taxation and/or legal advice tailored to your personal circumstances. Financial products are issued by NGS Super Pty Ltd ABN 46 003 491 487 RSE Licence L0000567 and AFSL 233 154. Market projections and predictions are based on current assumptions and are subject to change. These are not guarantees of future results. Information current as at May 13.
The Advertiser
3 hours ago
- The Advertiser
Asia share markets, dollar wary on tariff news
Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel. Asian share markets have made a wary start to the week as investors navigate the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 per cent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. White House officials continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. "The court ruling will complicate the path ahead on trade policy, but there remains an ample set of provisions available to the administration to deliver its desired results," said Bruce Kasman, chief economist at JPMorgan. "There is a commitment to maintaining a minimum US tariff rate of at least 10 per cent and imposing further sector tariff increases," he added. "An increase in ASEAN to discourage transhipment looks likely, and the bias for higher tariffs on US-EU trade persists." Markets will be particularly interested to see if Trump goes ahead with the 50 per cent tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.1 per cent on Monday, while South Korean stocks dipped 0.1 per cent. S&P 500 futures eased 0.2 per cent and Nasdaq futures lost 0.3 per cent. The S&P climbed 6.2 per cent in May, while the Nasdaq rallied 9.6 per cent on hopes final import levies will be far lower than the initial sky-high levels. Front-running the tariffs has already caused wild swings in the economy, with a contraction in the first quarter likely turning into a jump this quarter as imports fall back. The Atlanta Fed GDPNow estimate is running at an annualised 3.8 per cent, though analysts assume this will slow sharply in the second half of the year. Data this week on US manufacturing and jobs will offer a timely reading on the pulse of activity, with payrolls seen rising 130,000 in May while unemployment stays at 4.2 per cent. A rise in unemployment is one of the few developments that could get the Federal Reserve to start thinking of easing policy again, with investors having largely given up on a cut this month or next. A move in September is seen at around a 75 per cent chance, though Fed officials have stopped well short of endorsing such pricing. There are at least 11 Fed speakers on the diary for this week, led by Fed Chair Jerome Powell later on Monday. Fed Governor Christopher Waller said on Sunday that cuts remain possible later this year as he saw downside risks to economic activity and employment and upside risks to inflation from the tariffs. A softer jobs report would be a relief for the Treasury market, where 30-year yields continue to flirt with the five per cent barrier as investors demand a higher premium to offset the ever-expanding supply of debt. The Senate this week will start considering a tax-and-spending bill that will add an estimated $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion ($A56.3 trillion) in debt. Across the Atlantic, the European Central Bank is considered almost certain to cut its rates by a quarter point to 2.0 per cent on Thursday, while markets will be sensitive to guidance on the chance of another move as early as July. The Bank of Canada meets Wednesday and markets imply a 76 per cent chance it will hold rates at 2.75 per cent, while sounding dovish on the future given the tariff-fuelled risk of recession there. Widening rate spreads have so far offered only limited support to the US dollar. "The greenback remains near the lower end of its post-2022 range and considerably weaker than interest rate differentials would imply," noted Jonas Goltermann, deputy chief markets economist at Capital Economics. "Sentiment around the greenback remains negative and it continues to look vulnerable to further bad news on the fiscal and trade policy fronts." On Monday, the dollar had dipped 0.2 per cent on the yen to $143.79 , while the euro edged up a fraction to $1.1353 . The greenback also slipped 0.1 per cent on the Canadian dollar to $1.3727, getting no tailwind from Trump's threat of 50 per cent tariffs on Canadian steel exports. In commodity markets, gold edged up 0.6 per cent to $US3310 ($A5,147) an ounce , having lost 1.9 per cent last week. Oil prices bounced after OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, a relief to some who had feared an even bigger increase. Brent rose $US1.07 ($A1.66) to $US63.85 ($A99.28) a barrel, while US crude gained $US1.18 ($A1.83) to $US61.95 ($A96.33) per barrel.
