Levy limbo
The ASX slipped after the US Supreme Court upended Trump’s tariff regime, with US-exposed Australian businesses warning uncertainty is worse than the duties themselves.
The local market slipped on Monday as investors digested a US Supreme Court ruling that upended President Donald Trump’s tariff regime, injecting fresh uncertainty into global trade and setting off a scramble to work out what comes next.
That uncertainty was on clear display as two of the day’s best performers became the first to spell out the risks from shifting US trade settings.
Plumbing parts supplier Reece led gains on the ASX 200 after its first-half result beat market estimates, but chief executive Peter Wilson warned the ruling would bring more “hassle” and “uncertainty” for the company, given 32% of its earnings are tied to its US business.
“We’re in the same boat as everybody else,” he said. “If you have [tariffs] taken away, you’re reducing what your customer gets, or if you have tariffs, you’re paying more. All it does is create a lot of uncertainty.”
