Global Macro

The Trump Administration is the best thing that has happened to the incumbent Liberal government of Canada.

It’s time to acknowledge that the dream of ‘net zero’ emissions is dead. The world’s top three carbon emitters are China (31.5% of total), the United States (13.0% of total), and India (8.1% of total). In 2023, these three countries accounted for more than half (52.6%) of global carbon emissions.

In the report below, Luke Yeaman, Chief Economist at CBA, examines whether the era of globalisation over. Trump, Tariffs and Trade: A Different Kind of Wall The era of trade liberalisation, free market reforms, deregulation and fiscal discipline (the Washington Consensus) is officially dead and buried.

TS Lombard with the note. Trump delivered on campaign promises applying a 54% (34% “reciprocal” and 20% fentanyl) tariff rate to imports from China.

The ferrous jaws closed somewhat with all commodities last night.

Geoff Russ from Canada’s National Post penned a cautionary tale on how out-of-control immigration has degraded Canada’s economy and living standards.

At the beginning of the year, the incumbent Canadian Liberal Party were facing a wipeout at this year’s general election.

I posted two charts on Thursday showing the monumental task of transitioning Australia off fossil fuels.

Elon Musk’s association with the Trump Administration has contributed to the tanking of Tesla sales across the globe.

Much of the Western World is rapidly deindustrialising to meet ‘net zero’ emissions targets.

One of the Trump Administration’s first acts upon taking the US Presidential Office was to declare a “national energy emergency”.

Norway is Europe’s leading producer of oil and gas with an output of more than 4 million barrels per day.

It is official.

Justin Trudeau’s Liberal government in Canada is facing an election wipeout, winning as few as 21 seats in the 338-seat parliament at this year’s election.

According to the Climate Change Authority’s (CCA) annual progress report, Australia’s CO2 emissions fell by 3 million tonnes between 2023 and 2024, accounting for one-fifth of the 15 million tonnes required annually to meet the federal government’s target of 43% reduction in emissions from 2005 by 2030.

By Joseph Capurso, Head of International and Sustainable Economics at CBA.

The Trudeau Liberal Government in Canada is facing electoral annihilation at the 2025 federal election.

Financial markets have fully priced in dual interest rate cuts at the Reserve Bank of Australia’s (RBA) board meetings in April and May after the central bank adopted a more dovish tone in Tuesday’s monetary policy statement.

The Market Ear with the latest on NVIDIA’s fade out and the resurgence of gold.

Australia’s emissions decreased by 3 million tonnes of CO2 over 2023–24, according to the Climate Change Authority’s (CCA) annual progress report, which was a fifth of the 15 million tonnes annually needed to meet the federal government’s target of emissions falling 43% on 2005 levels by 2030.

Economists at the National Bank of Canada (NBC) produced the following chart showing how “since 2021, there has been a significant imbalance between the strong increase in population and the absence of a significant rebound in construction”.

Last week, Statistics Canada released the Q3 national accounts, revealing that the economy grew at an annualised rate of only 1.0% in the third quarter.

I noted last week how Australia’s Albanese government seems to have copied Canada’s Trudeau government on housing and immigration.

CBC News published a fantastic report explaining how Canada’s explosive immigration-driven population growth crush-loaded housing, services, and infrastructure, wrecking productivity and living standards.

The report of the COVID-19 inquiry has concluded that the former Coalition government’s pandemic spending contributed to a spike in the inflation rate.