Trump's election win signals major economic shifts for Australia and global markets
Donald Trump has won the 2024 US presidential election and will be inaugurated in January. His administration plans to lower taxes, raise tariffs, and withdraw from key trade agreements, which could significantly impact global markets and economies, including Australia.
Trump's proposed tax cuts and increased spending could raise US public debt by $7.75 trillion, leading to higher borrowing costs worldwide. This may affect Australia's budget surpluses and increase its borrowing expenses starting in 2025.
Additionally, Trump's tariffs on imports, especially from China, could disrupt global trade and raise costs for Australian businesses. As the US is a key market for Australian high-tech exports, increased trade barriers could hinder Australia's economic growth and competitiveness.