Friday 22nd August 2025

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UIS trade policy has been turbulent, to put it mildly, since Liberation Day in April. Tariffs have moved up and down, some geographic, others sectoral. The reasons have fluctuated, from stopping fentanyl, to trade imbalance, to political concerns. The benefits have been argued as protecting jobs, brining industries back home to raising revenue.

Dmitry Grozoubinski runs Explain Trade from Geneva, training government officials on complex trade negotiations. He has been involved in many, having represented Australia at the WTO from 2014 to 2018. His latest book is ‘Why Politicians Lie About Trade’. He joins Phil to talk about this new trade environment, where deals take weeks not years. How should countries be negotiating in this new regime? How long will the current state of flux last? And is a high tariff trade environment the new normal?

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Friday 22nd August July 2025

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US equities closed in the red again today, with losses more broad-based than earlier in the week. In part it’s a response to Walmart’s results, which showed increased revenue but a cut in earnings, suggesting they were losing margin, perhaps because of tariff impacts.

NAB’s Taylor Nugent returns to the Morning Call to give his take on overnight market moves and the latest PMI numbers for Europe and the US. He says pricing for a September cut has reduced slightly ahead of Jerome Powell’s speech at Jackson Hole. Remember there’s always pressure on the Fed chair to say something new and meaningful at this event. Last year it was the dovish pivot.

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Thursday 21st August July 2025

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Tech stocks lost ground again overnight, for no immediately apparent reason, unless it’s still down to comments earlier in the week from OpenAI’s Sam Altman that some people are going to get their fingers burned. NAB’s Rodrigo Catril is back with Phil to talk through that, and all the other market moves and overnight news, including the Fed’s hawkish minutes and the RBNZ’s dovish cut. And President Trump’s out to get Lisa Cook fired from the Fed board over allegations of mortgage fraud, so can get another of his people in there.

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