NAB Morning Call
Tariffs: Mexico and Canada delayed, 25% coming Europe’s way
Feb 26, 2025
Ray Attrill, NAB's market strategist, dives into the latest tariff delays for Mexico and Canada and announces the hefty 25% tariffs set for Europe. He shares insights on how these changes are impacting market reactions and trade relations. With a weaker-than-expected CPI in Australia, Attrill highlights potential monetary policy shifts and rate cuts. The discussion also touches on trends in private construction and what these economic indicators could mean for future growth and consumer confidence.
17:53
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Quick takeaways
- President Trump's decision to delay tariffs on Mexico and Canada has slightly relieved pressure on their respective currencies while maintaining market uncertainty.
- Australia's weaker-than-expected CPI figures indicate potential support for a rate cut by the RBA as economic conditions remain mixed globally.
Deep dives
Trump's Cabinet Meeting and Tariff Updates
President Trump provided significant updates during his first cabinet meeting regarding tariffs on imports from Mexico, Canada, and the European Union. The tariffs for Mexico and Canada have been delayed, which has relieved some pressure on the Canadian dollar and allowed the Mexican peso to recover slightly. Trump announced that the tariffs on the EU will generally be set at 25%, although he left room for exceptions, particularly regarding cars and other goods. This mixture of clarity and vagueness has left market participants hopeful that the situation may be resolved without severe impacts.
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