Business

In a stunning reversal that has sent shockwaves through global financial markets, US President Donald Trump announced a pause to the sweeping global tariffs he imposed just a week ago — except for China, where tariffs have been raised even higher. This latest development comes amid conflicting messages from the White House and senior officials, leaving world leaders and investors scrambling to make sense of what happens next.

United States President Donald Trump has flagged a significant shift in American pharmaceutical policy, announcing plans to introduce a “major tariff on pharmaceuticals” during a speech to Republican lawmakers. The policy, he said, aims to force multinational pharmaceutical companies to relocate their manufacturing operations to the United States—a move that could have global implications, particularly for close allies like Australia.

Here’s a clear and concise breakdown of key concepts and common questions Australians are asking about markets, shares, the falling Australian dollar, and what all this has to do with recessions and global economic turmoil — especially in the wake of President Donald Trump’s controversial “Liberation Day” tariffs.

The Australian share market has endured its most punishing day since the pandemic, with the benchmark S&P/ASX 200 shedding more than 4% on Monday, 7 April 2025. The dramatic plunge erased over $100 billion in value from Australian equities, dragging the index down to 7,343 points—its lowest level since December 2023.

In the heart of Perth, Glen Pendlebury spends his days painting mansions — the sprawling, glittering symbols of a booming city. Billionaires’ homes with $400,000 fishponds aren’t unusual for the house painter, who hauls his equipment across town in a daily commute that can stretch up to 90 minutes. Parking fines are a regular inconvenience. Public transport isn’t an option.

Global financial markets reeled on Friday as escalating trade tensions between the United States and China sent stock indexes plummeting and investors scrambling for safe havens.

Australia’s largest retirement fund, AustralianSuper, has confirmed it was hit with over 600 attempted cyber attacks in the past month, with four of its members losing a combined total of $500,000 from their retirement savings.

Millions of Australian mortgage holders may need to revise their expectations for interest rate relief in 2025. While financial markets and a majority of economists anticipate at least one more Reserve Bank of Australia (RBA) rate cut this year, Governor Michele Bullock and the central bank's language suggest otherwise.