A day in the life of markets under Donald Trump's influence saw a shift from relief to concern. Following the nomination of Scott Bessent for Treasury Secretary, praised for his moderate stance, Trump's tweets late in the day about imposing a 25% tariff on products from Mexico and Canada instigated market volatility.
Just this morning, Wall Street had cheered the relatively orthodox choice the US president-elect had made for his Treasury secretary nomination.
The Australian share market turned negative, as did US stock market futures, and the Australian dollar took a hit as the US dollar rallied. "We will have to see how all the Trump policies work together, but the fact we're already seeing announcements tells you this will be a period of uncertainty." "Moreover, after his comprehensive election victory, he has the mandate to push through those more radical trade and immigration policies, and to reshape the federal bureaucracy.
While the US isn't a significant export market for Australian goods, our fortunes are of course closely tied to one of the key targets. It's an impact the Reserve Bank was weighing up even prior to the election, internal briefing documents released under freedom of information laws have revealed.
Donald Trump Scott Bessent Treasury Secretary Trade Policy Market Volatility
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