No Bull on Beef tariffs
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What is the impact of President Trump's beef tariff reduction on Australian exporters?
Are we about to beef up our US exports with President Trump dropping his tariffs on meat? Although, interestingly, we've actually been shipping more anyway, and this new deal might actually not be the best for Australia. A new deal for Switzerland, too, and a Fed that is looking less likely to be making another move this year, but at least we have some numbers. Yes, non-farm payrolls this week. It's just a month and a half late. It's Monday. It's the 17th of November 2025. It's the morning call from Nab. Good morning. Well US ten year treasury yields rose five basis points last week. That is nothing compared to the fourteen basis point rise in ten year guilds, all of that on Friday, or the twelve and a half basis point lift in Aussie ten years last week.
Currency wise, the US dollar lost grand last week. It dropped uh below ninety nine on the DXY for a spell on Friday across the week. Just a nort point three percent drop. The Swiss franc, though, rose one point four percent. The yen, the biggest loser, down 0.7%, and the Kiwi dollar doing well up one percent over the week, and almost half of that on Friday. Not a great week for shares. The NASDAQ lost half a percent last week, and the Russell 2000 down one point eight percent. In fact, just about everybody was down on Friday, the Nikai, the Hang Seng, the CSI 300, the ASX 200, the FTSE 100, all down over 1%. But the indices in the green are On Friday. Well, even though they did badly over the week, the Nasdaq and the Russell two thousand were up on Friday, although not by much.
And big moves in oil on Friday, two point four percent up for WTI, two point two percent for Brent, which is up to sixty four forty a barrel. And Nabs Taylor Nugent is up bright and early for a Monday. Uh it's easier of course 'cause he's moved to Sydney, twenty four degrees today, sunny with a bit of cloud, sixteen and raining in Melbourne. Just saying.
How did the Swiss tariff reduction and investment deal affect currency markets?
Smart move on your part. So look, uh let's have a look at those uh the the news from Friday, because there's a bit of tariff news from Donald Trump. The mega tariffs on Switzerland, uh they were thirty nine percent. They've fallen to nineteen percent in exchange for Swiss companies investing more money into the United States. Two hundred billion, that's all. Uh and uh a chunk of that's gonna happen next year next year. Uh a bit of movement in the Swiss franc on that.
Yeah, that's right. So a couple of interesting trade headlines there to finish the week. Firstly, that um that trade deal with Switzerland that you mentioned and that one very much kind of more of the same of what we've been talking about in terms of trade for a while. Those um, you know, h uh elevated tariff levels have been reduced down to fifteen percent on uh US imports from Switzerland, and that's in exchange for a commitment to to invest in the US. So, you know, very similar. stories to what we'd heard around that um round of uh of trade negotiations back after the the reciprocal tariff deadlines uh a couple of months ago. Um I think you know probab when we look at the the market reaction to that, you know, not much on the day, but you know, as you mentioned in the intro, the um the Swiss franc was the outperformer uh over the week and up around one point four percent over the week.
And so I you know there was certainly some some reporting that That this was in the works and so I think that there wasn't wasn't much of a marker reaction to come on the on the actual announcement and we did see the Swiss yeah frank out outperform over the week. Yeah. But it's the beef news the beef news that we care about. Yeah exactly. Yeah, I I think that's right. I think it's it's more interesting these kind of the so the these announcements uh that uh Trump has uh uh lowered or or removed the reciprocal tariff rates on a a range of of food related products. Include uh beef, coffee and and bananas. And so I think, you know, maybe in in isolation this is, you know, fairly marginal news, but I think it does speak to kind of a broader shift from the administration firstly, kind of, you know, an another step away from the the maximalist trade policy that we've we've seen recently.
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Chapters
8 chapters
1
What is the impact of President Trump's beef tariff reduction on Australian exporters?
0:01–1:46
2
How did the Swiss tariff reduction and investment deal affect currency markets?
1:46–4:05
3
What are the latest US Treasury yield moves and dollar performance this week?
4:05–6:32
4
How are US non‑farm payrolls and Fed hawkish comments influencing rate‑cut expectations?
6:32–8:59
5
What does the slowdown in Chinese industrial data mean for global markets?
8:59–10:53
6
How are UK budget uncertainties and bond‑yield moves affecting investor sentiment?
10:53–13:15
7
What are the key Australian wage and RBA data releases to watch this week?
13:15–15:46
8
Which upcoming earnings and economic releases could drive market moves later this week?
15:46–17:43