Capital beef
"End of the free trade era" or "no biggie"? Donald Trump may have finally revealed his sweeping global tariffs, but their impact on Australia and the rest of the world won't be clear for some time.
As the eyes of the world fixated on the White House rose garden for US president Donald Trump’s ‘Liberation Day’ tariffs announcement, there was always a chance someone would seize on the opportunity to take out the trash.
So it was almost unsurprising when, while Trump was speaking, big four lender ANZ told the market it had agreed to wear a $250 million capital penalty from the banking regulator as a result of last year’s bond trading scandal.
On a normal day, this would have dominated the headlines. But today was no ordinary day.
Trump’s decision to slap ‘reciprocal’ tariffs on just about every other country overwhelmed everything else in the news again — especially after he gave Australia a shout out (“wonderful people, and wonderful everything, but they ban American beef”).
