Tuesday 13th May 2025
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Markets were taken aback by the size and immediacy of tariff cuts announced Monday between China and the US. Although we did highlight it as a possibility in yesterday’s podcast. NAB’s Gavin Friend says it wasn’t just the size of the tariff cuts, down to 30% on China and 10% on the US, but also the goodwill displayed after the weekend talks. Equities have risen sharply, the dollar is stronger, and markets are pricing in more rate cuts. The news does make upcoming data a little less relevant. We get the US inflation print today - if its higher the US administration can say the lower tariffs should fix that. Just as the UK government can respond to higher unemployment - if it happens today -by saying they have just proposed sweeping changes to immigration rules. That’s politics. And there’s a lot of it lately.
GOT A QUESTION FOR NAB’S CEO? Phil will be talking to Andrew Irvine on the Weekend Edition, a week on Friday. Ask what you like about finance and the economy, globally or locally. Orif you want your voice heard, ask your question out loud and send in a sound file to be played on the podcast. Whichever way you want to do it, email morningcall@nab.com.au - don’t forget to include your name and where you are from.
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