🗞️ Trade math

Good morning. If you have an investment portfolio then we suggest you act like a West Coast Eagles fan and not check on the performance for a while. Last week, Wall Street suffered its worst fall since the Covid-19 crisis as China's retaliation tariffs spooked investors.

And if you thought America's tariffs were calculated using some sort of logic in mind or actual reciprocal taxes imposed on America, then you won't like this calculation:

Tariff Charged = (Total Trade Balance / Import Balance x 100) / 2

However if the US had a trade surplus with a country i.e. Australia, the above calculation would come out negative. So those countries just got 10%…

All the headlines and more below...

AUSTRALIAN NEWS

The fine print costing Australians a pay rise

• One-fifth of Australian workers are restricted by non-compete clauses which may be banned for those earning below $175,000. LINK

• The Labour Party has announced a $2.3B home battery subsidy offering 30% discounts to boost clean energy adoption across Australia. LINK

• Australia's rental affordability has deteriorated further as more postcodes become unaffordable for average-income households in capital cities. LINK

• Sydney Water's treatment plants have caused mysterious black debris balls containing sewage, oil and waste to wash up on NSW beaches. LINK

• Major Australian superannuation funds experienced cyber attacks that exposed security flaws and caused members to lose retirement savings. LINK

• Australian superannuation funds lost $90B in value due to global market turmoil whilst increasing pressure on the RBA. LINK

GLOBAL NEWS

Bosses are firing more Gen Z workers

• US employers have terminated Gen Z workers due to perceived entitlement issues whilst workplace advocates argue for modernisation. LINK

• The International Monetary Fund warns that US tariffs pose significant risks to global growth whilst urging trade tension de-escalation. LINK

• China imposed 34% tariffs on US goods and restricted rare-earth exports after Trump's aggressive trade actions. LINK

COMPANY NEWS

Why Rolexes, Nikes and luxury bags could get more expensive

• Louis Vuitton and Rolex face steep US tariffs while Asian manufacturing centres experience the harshest impact from Trump's trade war. LINK

• Jaguar Land Rover has halted US vehicle shipments for 1 month as it reassesses its strategy following Trump's 25% automotive tariff. LINK

• Prada is finalising a €1B acquisition of Versace this week as deal negotiations approach completion. LINK

• Herbert Smith Freehills will merge with Kramer Levin whilst adding $700M in revenue and expanding its global presence. LINK

• A Kenyan High Court has ruled that Meta can face local lawsuits over Ethiopian ethnic violence. LINK

• Inditex, the owner of Zara plans US expansion despite new tariffs as consumption patterns remain stable. LINK

• Intel has reached a tentative joint venture agreement with TSMC for chip manufacturing cooperation. LINK

CHART OF THE DAY

Global wealth is concentrated at the top

ONE MORE SCROLL

Editor’s Pick: ‘Ted Lasso’ renewed for Season 4, Jason Sudeikis returning.

Draft Pick: Manchester United reveals plans for the ‘world’s greatest’ soccer stadium to replace Old Trafford.

Odd Pick: ‘It’s a lot of pee’: Man has no idea who put gallons of urine in his recycling bin and why.

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TRIVIA

It's National Beer Day today, so we want you to rank the following countries in terms of beer consumption per capita, highest to lowest: New Zealand, Poland, Australia, Czech Republic, Germany.

Answer below

OUR SOCIALS

ANSWER

Czech Republic, Poland, Germany, Australia and New Zealand.

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