Australia well placed to deal with uncertainty of global economy but should be prepared as US doubles down on protectionist policies, economists warn
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Australia’s economy will not escape unscathed from Donald Trump’s trade war, economists have warned, after the US hiked duties on Chinese imports to 104% and enacted world-wide tariffs that have reversed a century of American trade liberalisation.
As regional sharemarkets tumbled further on Wednesday and the Australian dollar slid below US60 cents, and to its lowest in more than two decades outside the pandemic, experts warned trade between China and the United States would grind to a halt as Trump followed through on his threat to slap even higher “reciprocal” import duties on about 60 trading partners.
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