Good morning. It’s Angus here in Sydney. Trump’s Liberation Day has arrived — here’s all you need to know to start your working day.

Today’s must-reads:
• Trump’s tariffs to hit Australia
• Regulator raises ANZ capital requirements
• Star Entertainment hangs by thread, again

What's happening now

President Donald Trump has revealed his long-threatened tariffs on US trading partners, including Australia. Trump said this morning he will apply a minimum 10% tariff on all exporters to the US — including Australia -- and slap additional duties on around 60 nations with the largest trade imbalances with the US. Prime Minister Anthony Albanese said the tariff on Australia was a “poor decision” and that he wouldn’t respond with reciprocal levies. 

Trump singled out Australian beef exports to the US for special mention during his press conference at the White House announcing the tariffs.

Howard Lutnick, US commerce secretary, holds a reciprocal tariff poster. Photographer: Kent Nishimura/Bloomberg

Australia’s regulator has told ANZ Bank to hold an additional A$250 million in capital due to long-standing risk management flaws that remain at the lender, as challenges mount for incoming Chief Executive Officer Nuno Matos. 

Star Entertainment Group’s hopes of survival took a blow with the collapse of a comprehensive refinancing proposal. Several conditions tied to the Salter Brothers Capital offer, which aimed to refinance all of Star’s corporate debt, were unlikely to be satisfied, Star said. “There remains material uncertainty as to the group’s ability to continue as a going concern,” it said.

Australia’s central bank will increase the price of all new open market operation repos and introduce a new seven-day tenor at its weekly auctions as it transitions to an “ample reserves” system for liquidity management, a senior official said on Wednesday. 

Bank of America hired Ian Taylor as head of Australian equity capital markets, according to a memo seen by Bloomberg News. The Goldman Sachs veteran will join in late April, replacing Yuta Kambe who is relocating to Tokyo to join the Japan ECM team, the memo said. 

New Zealand’s housing market has entered its next phase of growth as lower interest rates begin to stoke demand and drive up prices, according to property agency CoreLogic. Prices rose 0.5% in March, the strongest increase since January last year.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

“The dollar eased while US stocks and Treasury yields closed higher just before president Trump announced reciprocal tariffs on its global trade partners. The Aussie fell against the kiwi and wiped out a gain against the greenback, which is curious as Australia copped no more than the 10% baseline tariff. Some are expecting violent swings in stocks as markets digest the news. Ex-Treasury Secretary Lawrence Summers warned before the announcement that the tariffs could impose an oil crisis-like shock to the US economy, boosting prices and unemployment.”

In what Trump has termed ‘Liberation Day,' China will face a 34% rate, while the European Union will have a 20% levy and Vietnam is seeing a 46% tariff, according to White House documents. Other nations slapped with larger tariffs include Japan at 24%, South Korea at 25%, India at 26%, Cambodia at 49% and Taiwan at 32%.

China has taken steps to restrict local companies from investing in the US, according to people familiar with the matter, in a move that could give Beijing more leverage for potential trade negotiations with the Trump administration. 

Tesla investors shrugged off the company’s worst vehicle sales since 2022 and bid up its shares on hopes that Elon Musk will step back from his work for the Trump administration. The president has told his inner circle recently that the Tesla CEO will return to his businesses in coming weeks, according to Politico. 

Nintendo will release its new Switch 2 console on June 5. The product will start at $450 in the US, the company said Wednesday, an increase from the $300 the company charged for the original Switch. The company also announced several new games, including Mario Kart World, which will release alongside the system. 

Myanmar’s military on Wednesday announced a unilateral ceasefire in its fight against rebels until April 22 to expedite relief and reconstruction efforts after last week’s devastating earthquake, which has killed more than 3,000 people.

What to watch

• February trade and job vacancies data released at 11:30 a.m. Sydney time
• RBA half-yearly Financial Stability Review also released at 11.30am

One more thing...

Wall Street’s unanimity on the need to limit climate change is collapsing, sparking a reset in the $1.4 trillion global market for energy finance. US banks that just a few years ago were vocal in their embrace of net zero targets are now following a very different playbook. Read the Big Take here.

A pumpjack near Crane, Texas, US, on Saturday, March 15, 2025. The Permian Basin, a sprawling shale patch that lies beneath Texas and New Mexico, is North America's most prolific shale patch. Photographer: Justin Hamel/Bloomberg