Latest news with #MichaelJanda
ABC News
22-05-2025
- Business
- ABC News
China relaxed about Trump's tariff threat
Business editor Michael Janda says RBA deputy governor Andrew Hauser reveals a graph in his speech showing America is far more dependent on China.
ABC News
29-04-2025
- Business
- ABC News
Markets live updates: Shares keep rising as US sees record trade deficit ahead of Liberation Day tariffs
Australian shares are poised for further steady gains as Wall Street continues to rise on optimism that US President Donald Trump will roll back his trade war. The effect of his tariff plan on the US economy was highlighted by a record trade deficit in March, as American importers raced to bring in goods ahead of the Liberation Day announcement. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice. Key Events 10m ago 10 minutes ago Tue 29 Apr 2025 at 9:31pm 27m ago 27 minutes ago Tue 29 Apr 2025 at 9:15pm Submit a comment or question Log in to comment Live updates Latest Oldest Key Event 10m ago Tue 29 Apr 2025 at 9:31pm US posts record trade deficit ahead of Liberation Day M By Michael Janda Highlighting the profound effect Donald Trump's tariffs are having on the economy, even before they took effect, the US posted its biggest ever trade deficit in March, at $US162 billion ($253 billion). The result was driven by a record $US342.7 billion ($536.7 billion) of imports , as businesses raced to bring in goods ahead of Liberation Day — Donald Trump's tariff announcement on April 2. Many will be glad they did, with a blanket 10% minimum tariff on virtually all imports, 25% on many specific goods and tariffs ultimately up to 145% on Chinese goods implemented. Reuters is reporting that: "The report from the Commerce Department's Census Bureau prompted economists to sharply downgrade their GDP estimates for last quarter to show a steeper decline rather than growth just stalling. " Goldman Sachs now sees GDP contracting at a 0.8% annualised rate while JPMorgan forecasts output declining at a 1.75% pace . "The economy grew at a 2.4% rate in the fourth quarter." The US government is expected to release its first estimate for March quarter GDP overnight (Australian time). Key Event 27m ago Tue 29 Apr 2025 at 9:15pm Markets set for further steady gains M By Michael Janda Good morning and welcome to another day on the markets. Since the last time I was running the blog a few weeks back, things have become much quieter. There seems to be a prevailing view that the Trump administration is giving ground on tariffs and will ultimately back down on most of them. As my colleague Dan Ziffer pointed out on the blog yesterday, US magazine If you didn't have time yesterday, I'd strongly urge you to have a read — it's very revealing of the thinking (or some may argue lack thereof) of the world's most powerful man. However, markets have recovered from their Liberation Day and subsequent losses, and that continued overnight. The benchmark S & P 500 index on Wall Street closed up 0.6% to 5,561 points, as did the tech heavy Nasdaq to 17,461 points. It seems like 0.6 was a popular number, with the FTSE gaining that percentage to 8,463 points and Germany's DAX outperforming ever so slightly, up 0.7% . The Eurostoxx index was up 0.4% . ASX 200 futures are up 0.3% to 8,112 , pointing to modest gains at the local open. Westpac's Imre Speizer said the buying was not super enthusiastic. "Sentiment remained mixed among asset classes, reflecting mixed views on the outcome of the US' trade policy," he wrote. "Bond yields fell further and equities rose further, while the US dollar is slightly higher ." Despite the rising US dollar, the Aussie held firm at 63.83 US cents . Commodities markets agreed with the bond traders that US and global growth is likely to slow, with oil, copper and iron ore all modestly lower. It may not look like such a wild ride, but stay with me and my colleagues as we keep you up to date with today's market action.
