The Reserve Bank of Australia maintained its benchmark policy rate at 4.1% despite lower-than-expected inflation, aiming for sustainable progress towards the target range of 2%-3%. RBA expressed caution due to global uncertainties like U.S. tariff announcements and emphasized the need for a gradual approach to monetary policy to achieve inflation targets. Australia’s GDP grew at 1.3% year on year in Q4 2024, with RBA Governor Michelle Bullock stressing the importance of sustained inflation within the target range.
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Donald Trump orders 50% steel and aluminium tariffs to begin on June 4
On June 4, 2023, President Donald Trump announced the implementation of new tariffs of 50% on steel and aluminum, effectively doubling previous levies of 25%, as part of his ongoing trade war aimed at countering foreign dumping that threatens U.S. national security. While tariffs on UK steel and aluminum remain at 25% due to a recent trade deal, the move intensifies Trump's trade agenda, which faces legal challenges following a court ruling on earlier tariffs....
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