Begun, this trade war has.
New tariffs on billions of dollars of goods traded between the world’s two biggest economies, China and the United States, are now in place.
And it looks like there are more to come. The current tariffs apply to important commodities like steel and soybeans, and the US is proposing tariffs on another $US200 billion worth of goods.
The implications are far-reaching and there are significant consequences for the economic outlook, listed companies, commodities, and fixed income markets.
In this week’s episode of our Devils and Details podcast, we’re joined by Robert Rennie, the head of global markets strategy at Westpac. Rennie has more than three decades of experience in financial markets and strategy, and lately has been looking closely at the economic and investment implications of the evolving global policy order.
While US President Donald Trump may appear to be inducing some chaos, his executive decisions are being enforced through laws that have a prescribed process. Understanding these is the key to grasping how the scenario unfolds. Rennie has a detailed set of insights on the process, the mechanisms involved, the key players, and the risks for the global economy and global supply chains.
Since we published the show this week some listeners have been asking for further information so Rennie has shared some further reading — they’re at the foot of this page.
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- History of 232 investigations
- Section 232 factsheet
- Secretary Ross report to Trump on steel and aluminium tariffs
- Trump steel proclamation
- US Commerce Department investigation into auto imports
- Submissions / public comments on auto tariffs
- Peterson Institute CGE model on impact of auto tariffs
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