FEAR & GREED | Business News US tariff decision bad for Australia; PM to focus on economy; Winter Olympics glory
Feb 22, 2026
A Supreme Court trade ruling and a new global 15% tariff that could hit Australia harder. Reporting season lifts the ASX to near-record highs amid volatile company moves. The government pivots to cost-of-living and the May budget. Recap of AUKUS submarine cooperation and Australia's best-ever Winter Olympics performance.
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Tariffs Mostly Hit US Consumers
- Most of the tariff burden fell on US consumers, not foreign exporters, transferring roughly $170–$180bn to overseas corporates.
- Michael Thompson and Sean cite research estimating 80–90% of tariffs were paid by US consumers, inflating US prices.
Universal 15% Tariff Is Particularly Unfavourable For Australia
- A universal 15% tariff is worse for Australia than the prior 10% because it raises costs on exports like meat and gold despite higher volumes.
- Sean Aylmer notes Australia sells more to the US but earns more revenue due to higher prices for those commodities.
Tariffs Could Pressure US Rates And Weaken The Aussie
- The tariff decision may push US interest rates up via a larger federal deficit, strengthening the dollar and weakening the Aussie.
- Sean Aylmer suggests lost tariff revenue removes funding intended for Trump's big spending bill, widening deficits.