Donald Trump’s ‘Big Beautiful Tax Bill’ has been met with a bond market sell-off, but that didn’t deter the US President pushing it through the US House of Representatives. It adds to the chaos and uncertainty unleashed by the Trump administration on the global economy. After cutting interest rates to 3.85 per cent, the Reserve Bank highlighted Donald Trump’s ‘Liberation Day’ tariffs as an uncertainty drag. Economist Saul Eslake told Close of Business the RBA is going to be dependent on the incoming data to decide on future rates moves, but it certainly has a lot of fire power to act if required. The RBA is concerned about the health of Australia’s closest trading partner, China. RBA deputy governor Andrew Hauser has recently visited the country and says America is far more dependent on China, than the other way around. RBA governor Michele Bullock will travel to China on May 28 to see for herself how its economy is faring.
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