The American government’s accidental private-credit subsidy

Source: Bloomberg, 4:58

Almost a century ago, the US enacted a tariff law that triggered a global trade war and exacerbated the Great Depression. Now, President Donald Trump is wagering that the world has evolved enough to avoid a repeat. However, his plans have ignited concerns of a US recession, global slowdown, and the potential collapse of the post-war order. Bloomberg’s Shawn Donnan reports on the latest The Big Take: https://www.bloomberg.com/news/features/2025-03-31/trump-s-reciprocal-tariffs-risk-us-recession-trade-turmoil. (Source: Bloomberg)

Good morning, it’s Keira here back in Sydney. Here’s what you need to know to start your morning… Today’s must-reads: