NAB Morning Call Tariffs back at 10 percent, AU inflation out today
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Feb 24, 2026 Skye Masters, NAB market economist known for macro and interest rate analysis. They discuss Trump’s 10% tariffs and their ripple effects across the UK, EU and Australia. They cover China’s export ban and pressure on the yen. Markets’ tech-led rebound and Nvidia anticipation get attention. A preview of Australia’s CPI and Michelle Bullock’s upcoming remarks is also highlighted.
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US 10 Percent Tariff Now In Force
- President Trump's new tariffs are effective at 10% and may later rise to 15% but no date has been set.
- NAB notes the UK and EU expected exemptions have seen tariffs increase, altering trade deal expectations and pausing EU parliament progress.
Japan Faces Political Pressure And Export Bans
- The yen fell sharply after reports Prime Minister Takeshi met BOJ Governor Ueda expressing concern about further rate hikes.
- China also expanded export bans on critical minerals to major Japanese firms, compounding market stress on Japan's currency and assets.
Consumer Confidence Rebounds Largely From Republicans
- US Consumer Confidence rebounded to 91.2 in February, driven largely by Republican respondents and improved expectations.
- The rise was concentrated in expectations (up 4.8 points) reflecting better employment and income outlooks, with prices still top-of-mind for consumers.