Trumps tariff wrecking ball about to hit the global economy [Video]

Tariffs imposed by the Trump administration will change economic conditions in Australia and around the world, writes Stephen Koukoulas.

POLICYMAKERS IN AUSTRALIA are getting a clear picture of the economic policy changes that the new Trump administration will implement when Donald Trump takes power in January 2025.

The early news is troubling.

Trump has announced that he will follow through with his commitment to impose tariffs, initially against Canada, Mexico and China.

Furthermore, Trump is threatening to impose a 100 per cent tariff on the BRICS countries if they go ahead with their proposal to create a new currency to compete with the U.S. dollar in global foreign exchange markets.

The countries in the BRICS economic body are Brazil, Russia, India, China, South Africa, Iran, Saudi Arabia, the United Arab Emirates, Argentina, Egypt and Ethiopia — which suggests the tariff impost would decimate global trade if implemented.

There is even more to …