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Speaker 1: Trump's tariffs are coming tomorrow. He's basically going to play

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Speaker 1: god with the global economy. And here's the stuff we

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Speaker 1: should know. Presser is at four pm Eastern time in

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Speaker 1: the Rose Garden at the White House. That's nine am

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Speaker 1: our time, So set your alarms if you're a late sleeper.

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Speaker 1: The reason it's late over there is because they want

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Speaker 1: the markets to be closed when he announces it. This

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Speaker 1: is big league stuff. The guy has the power to

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Speaker 1: make countries, to break countries, to break markets and tire industries.

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Speaker 1: Here's some stats for you. Goldman Sachs odds on a

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Speaker 1: US recession are up from twenty percent to thirty five percent.

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Speaker 1: Moody's they reckon could cost worst case scenario five point

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Speaker 1: five million jobs that would see the unemployment rate go

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Speaker 1: from around four percent now to seven percent. GDP could

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Speaker 1: be chopped one point seven percent from peak to trough.

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Speaker 1: For context, that is about two thirds the equivalent of

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Speaker 1: two thirds of the growth of our economy expecting this year.

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Speaker 1: Reciprocal tariffs are basically broad based tariffs tax on imports

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Speaker 1: across all countries. They've been tight lit. The White House

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Speaker 1: has on so far on carve outs or exemptions but

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Speaker 1: some countries are hammering the phones, begging for them on

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Speaker 1: Downing Street. They are panicked. Although Starmer says he's staying

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Speaker 1: calm and keeping cool, they're working the phones. Talk of

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Speaker 1: getting an economic deal has turned into just that. They

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Speaker 1: now say it's likely going to get hit like everyone else. India,

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Speaker 1: they've been on the phones, which is ironic. They're notorious

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Speaker 1: for trade protectionism there, so it's a bit rich from them,

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Speaker 1: but their sheer market's been felling the heat. Bonder Lan

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Speaker 1: is readying the war chest. The EU says they will

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Speaker 1: fight back. Britain won't. Neither will Vietnam. Neither will New Zealand.

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Speaker 1: Luxem's message today was much the same as Starmer's. Keep

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Speaker 1: calm and carry on. Agriculture, as we've been talking about

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Speaker 1: since the minute that Trump tweeted about this is on

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Speaker 1: the cards. The US overtook the Aussies this year. Is

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Speaker 1: our second largest export market for goods thanks to red

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Speaker 1: meat that could hurt, but applied equally to the Arntententennian

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Speaker 1: and the Aussie beef, perhaps not so much. It all

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Speaker 1: depends on the number ten percent we could stomach twenty

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Speaker 1: five percent a bigger problem. The real threat is the

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Speaker 1: world's biggest economy going into recession and the flow on

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Speaker 1: effects of that. The smart money has already been piling

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Speaker 1: into gold and European stocks. Tomorrow we find out what

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Speaker 1: America First really means for the rest of us. For

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Speaker 1: more from Heather Duplessy Allen Drive, listen live to news

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Speaker 1: talks it'd be from four pm weekdays, or follow the

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Speaker 1: podcast on iHeartRadio.