SFG.

Summary: As U.S. President Donald Trump launches a new wave of tariff wars, global financial markets have been thrown into turmoil. The recently released Australian federal budget is now overshadowed by rising uncertainty. While the immediate effects of the trade war have yet to appear in budget figures, the long-term political and economic tussle may pose a substantial challenge to Australia's fiscal stability from the perspective of tax revenue, fiscal income, and economic growth forecasts.

Summary: Since the Trump administration announced comprehensive tariffs on multiple countries, the global economic landscape has undergone profound changes. As the world's third-largest economy, Japan’s economic trajectory has drawn considerable attention. Japan’s recovery was already facing numerous internal and external challenges, and the implementation of U.S. tariff policies has undoubtedly added new uncertainties to the situation. Recently, the Bank of Japan issued a warning that tariff shocks are putting unprecedented pressure on Japan’s economy. How to respond to this wave of policy shocks has become a core issue that investors must pay close attention to in the current market environment.