Latest / She's On The Money / Trump, Tariffs, and Taxes

Transcript

Trump, Tariffs, and Taxes · She's On The Money

• 0:00
  Speaker 1: Hello.
• 0:01
  Speaker 2: My name is Sanatasha Nabananga Bamblet. I'm a proud or
• 0:04
  Speaker 2: the Order Kerni Whaltbury and a waddery woman. And before
• 0:08
  Speaker 2: we get started on She's on the Money podcast, I
• 0:11
  Speaker 2: would like to acknowledge the traditional custodians of the land
• 0:14
  Speaker 2: of which this podcast is recorded on a wondery country,
• 0:18
  Speaker 2: acknowledging the elders, the ancestors and the next generation coming
• 0:22
  Speaker 2: through as this podcast is about connecting, empowering, knowledge sharing
• 0:27
  Speaker 2: and the storytelling of you to make a difference for
• 0:30
  Speaker 2: today and lasting impact for tomorrow.
• 0:33
  Speaker 1: Let's get into it.
• 0:34
  Speaker 3: She's on the Money, She's on the Money.
• 0:57
  Speaker 4: Hello, and welcome to She's on the Money the podcast
• 1:00
  Speaker 4: here to make sense of every financial shakeup out there,
• 1:02
  Speaker 4: and yes, that includes the ones happening.
• 1:05
  Speaker 1: Across the Pacific today.
• 1:07
  Speaker 4: After a little while, I've decided to dive into one
• 1:10
  Speaker 4: of the biggest headlines of twenty twenty four, Donald Trump's
• 1:14
  Speaker 4: return to the Oval Office. My friends, my name is
• 1:17
  Speaker 4: Victoria Devine and I have had so many of you
• 1:20
  Speaker 4: sliding into my dms asking me to make sense of
• 1:23
  Speaker 4: what is happening in the US and how it will
• 1:25
  Speaker 4: affect us here in Australia, and I get it. The
• 1:28
  Speaker 4: US is a huge player on the world stage, and
• 1:30
  Speaker 4: when big shifts happen there, we often feel the effects
• 1:33
  Speaker 4: over here too. You might be thinking, how do people
• 1:36
  Speaker 4: vote for him? Trump's track record includes policies harmful to
• 1:40
  Speaker 4: women's rights. He's been vocal in his opposition to reproductive rights,
• 1:44
  Speaker 4: pushed for conservative justices who support rolling back access to abortion,
• 1:49
  Speaker 4: and has consistently dismissed or minimized gender equality issues. But
• 1:54
  Speaker 4: here's the thing. Trump has made some big promises about
• 1:58
  Speaker 4: tackling the cost of living christ and regardless about whether
• 2:01
  Speaker 4: his policies are going to help for many Americans, that
• 2:05
  Speaker 4: message struck a chord with inflation, rising energy prices, and
• 2:09
  Speaker 4: everyday costs hitting harder there than they even are here.
• 2:13
  Speaker 4: He campaigned on a platform that promised relief, pledging to
• 2:17
  Speaker 4: lower taxes, reduce energy costs by supporting oil and gas production,
• 2:21
  Speaker 4: and cut back on regulations that he argued drove up
• 2:25
  Speaker 4: prices for people struggling to make ends meat. These promises
• 2:29
  Speaker 4: offered a really beautiful glimmer of hope, and they voted
• 2:33
  Speaker 4: in the way that they felt most likely to ease
• 2:36
  Speaker 4: the squeeze on their wallets in a lot of ways.
• 2:39
  Speaker 4: It's a reminder that economic pressures can powerfully influence voting decisions.
• 2:44
  Speaker 4: So let's start with one of Trump's biggest selling points,
• 2:47
  Speaker 4: you could say, tariffs, especially on China. For many of
• 2:52
  Speaker 4: his supporters, the idea of tariffs seemed like a way
• 2:55
  Speaker 4: to make China pay. But here's the catch. It's not
• 2:58
  Speaker 4: actually China it ends up paying these tariffs. It's American
• 3:03
  Speaker 4: businesses and consumers who bear the cost. Does tariffs make
• 3:06
  Speaker 4: imported goods more expensive? And here's where it gets interesting.
• 3:11
  Speaker 4: Since Trump's win, searches for what is a tariff have
• 3:15
  Speaker 4: absolutely spiked, a lot of people are realizing that these
• 3:18
  Speaker 4: tariffs might not work in the way that they originally thought.
• 3:22
  Speaker 2: So.
• 3:23
  Speaker 4: While the idea of tariffs was a huge part of
• 3:26
  Speaker 4: Trump's platform, the reality is they could slow down economic
• 3:30
  Speaker 4: growth and create ripple effects that reach all the way
• 3:33
  Speaker 4: here to Australia. China is our largest trading partner, and
• 3:38
  Speaker 4: if the US enacts those tariffs and tensions with China
• 3:41
  Speaker 4: flares up, Australia's economy could actually feel the pinch.
• 3:46
  Speaker 1: Think of it this way.
• 3:47
  Speaker 4: Australia's mining sector Our agriculture and energy sectors heavily rely
• 3:52
  Speaker 4: on exports to China. If China's economy slows down, or
• 3:57
  Speaker 4: if they retaliate against Trump's tariffs, that could mean fewer
• 4:01
  Speaker 4: Aussie exports, which significantly impacts our GDP. Basically, less demand
• 4:06
  Speaker 4: for things like iron ore and coal means less money
• 4:10
  Speaker 4: flowing back into Australia. And it's not just China that's
• 4:13
  Speaker 4: likely to be affected either. Trump's approach to trade might
• 4:17
  Speaker 4: actually trigger similar responses in other countries, creating what we
• 4:21
  Speaker 4: could call a ripple effect of economic slowdown that reaches
• 4:25
  Speaker 4: all the way back to US. We're talking potential drops
• 4:29
  Speaker 4: in job growth, higher prices on imports, and just a
• 4:32
  Speaker 4: whole lot of uncertainty. All right, Let's get into Trump's
• 4:36
  Speaker 4: plan to cut the US corporate tax rate from twenty
• 4:39
  Speaker 4: one percent to fifteen percent, and how that might actually
• 4:43
  Speaker 4: change things up a bit globally, especially here in Australia.
• 4:47
  Speaker 4: So lowering the corporate tax rate means that the US
• 4:51
  Speaker 4: is a lot more attractive for businesses, potentially pulling in
• 4:54
  Speaker 4: more multinational corporations and really big investors who are eyeing
• 4:59
  Speaker 4: that lower tax bil Now in Australia, we have a
• 5:02
  Speaker 4: thirty percent corporate tax rate for larger companies, which suddenly
• 5:06
  Speaker 4: looks pretty high in comparison. So if Trump's tax cut
• 5:10
  Speaker 4: goes through and they get to pay half of the
• 5:13
  Speaker 4: tax that we do, it could pressure Australia to consider
• 5:16
  Speaker 4: a similar tax cut to stay competitive. What's the risk there, Well,
• 5:21
  Speaker 4: without tax revenue from those big corporations, the government might
• 5:25
  Speaker 4: have to make up for it by cutting spending or
• 5:28
  Speaker 4: raising other taxes. And it's not just about tax rates.
• 5:32
  Speaker 4: This change could actually impact where companies are choosing to
• 5:35
  Speaker 4: invest and expand. Australian based multinationals, for example, they might
• 5:39
  Speaker 4: find that the US tax environment is a little bit
• 5:42
  Speaker 4: more enticing, and so they channel more of their profits
• 5:45
  Speaker 4: through to the American operations to take advantage of that
• 5:48
  Speaker 4: lower rate. This could mean less capital flowing into the
• 5:51
  Speaker 4: Australian markets and potentially maybe being dramatic, but potentially fewer
• 5:56
  Speaker 4: jobs created here if companies prioritize their US divisions. Plus,
• 6:00
  Speaker 4: if US businesses are going to start to grow rapidly
• 6:03
  Speaker 4: due to tax savings, they might not reinvest domestically, which
• 6:07
  Speaker 4: might limit the flow of foreign investments into Australia. On
• 6:11
  Speaker 4: the flip side, though, a stronger US economy could mean
• 6:14
  Speaker 4: more demand for Australian exports like our minerals and our
• 6:17
  Speaker 4: gas and our agricultural products.
• 6:20
  Speaker 1: So if Trump's.
• 6:21
  Speaker 4: Tax cuts actually spur growth, Australia might actually see increased
• 6:25
  Speaker 4: trade opportunities. But as always, that is going to depend
• 6:29
  Speaker 4: on whether the US can manage these changes without too
• 6:32
  Speaker 4: much disruption, and that's a big if. So while Australia
• 6:36
  Speaker 4: might feel the pressure to lower our corporate tax rate,
• 6:39
  Speaker 4: the impact of a decision like that would actually run
• 6:42
  Speaker 4: really deep, and it would affect everything from government services,
• 6:45
  Speaker 4: to wages and to our employment rates.
• 6:49
  Speaker 1: All Right, guys, I could go.
• 6:50
  Speaker 4: On and on about this for literally ever. I'm going
• 6:53
  Speaker 4: to take a really quick break and on the flip side,
• 6:55
  Speaker 4: we'll dive right back in.
• 7:00
  Speaker 1: All right, we are back.
• 7:02
  Speaker 4: And another major policy from Trump that could actually shake
• 7:05
  Speaker 4: up the US economy and ripple out globally is his
• 7:09
  Speaker 4: plan to deport millions of undocumented immigrants. This could actually
• 7:14
  Speaker 4: worsen inflation in the US, which has managed to tame
• 7:18
  Speaker 4: rising prices partially thanks to a strong influx of immigrant
• 7:22
  Speaker 4: workers filling crucial labor gaps. Immigrants have made up a
• 7:26
  Speaker 4: huge share of New York workers in recent years, especially
• 7:30
  Speaker 4: as baby boomers retire, helping companies hire and grow without
• 7:34
  Speaker 4: pushing inflation higher. Financial markets, meanwhile, are already in I
• 7:38
  Speaker 4: guess brace mode for these potential changes. Investors are expecting
• 7:43
  Speaker 4: US interest rates to climb in response, which could create
• 7:46
  Speaker 4: a ripple effect that ultimately influences the Reserve Bank of
• 7:49
  Speaker 4: Australia's decisions. In short, Trump's policies could mean OW interest
• 7:54
  Speaker 4: rates stay higher for longer, impacting literally everything from home
• 7:58
  Speaker 4: loan costs to businesses borrowing, and added pressure to household
• 8:02
  Speaker 4: budgets all across Australia. Trump's return to office has already
• 8:07
  Speaker 4: caused a bit of a stir in the stock market,
• 8:09
  Speaker 4: with traders responding to his pro business and deregulation stance
• 8:13
  Speaker 4: market spike, particularly insectors expected to benefit from his policies,
• 8:18
  Speaker 4: like oil drilling and financial services, even crypto as investors
• 8:23
  Speaker 4: bet on Trump's promises of tax cuts and looser regulations.
• 8:28
  Speaker 1: His policies are expected.
• 8:29
  Speaker 4: To be very I guess business friendly, particularly for big
• 8:33
  Speaker 4: banks and corporate mergers. While crypto stocks saw a massive
• 8:37
  Speaker 4: boom with the expectations that Trump will be bringing in
• 8:40
  Speaker 4: a more crypto tolerant sec chair. On the other hand,
• 8:45
  Speaker 4: sectors like renewable energy and electric vehicles took a hit,
• 8:48
  Speaker 4: reflecting concerns that Trump's administration will reduce subsidies and then
• 8:52
  Speaker 4: favor oil over green energy companies related to mass deportation
• 8:57
  Speaker 4: efforts like private prison operators surged as Trump's immigration stance
• 9:02
  Speaker 4: indicates potential expansion in detention services. All in all, it's
• 9:07
  Speaker 4: pretty clear that Trump's policies are already shaping market expectations
• 9:11
  Speaker 4: in a really big way. Beyond I guess the market trends,
• 9:16
  Speaker 4: Trump's policies reveal, I guess deeper dynamics, one that reinforces
• 9:20
  Speaker 4: t traditional power structures and often leaves women and marginalized
• 9:24
  Speaker 4: groups on the back foot. When policies prioritize corporate gain
• 9:28
  Speaker 4: over protections, they're part of a system that has consistently
• 9:32
  Speaker 4: restricted our choices and undermined our autonomy. So let's see
• 9:37
  Speaker 4: this as I guess a call to action. By mastering
• 9:40
  Speaker 4: our finances, we are able to break free from these
• 9:43
  Speaker 4: constraints and build the freedom that makes decisions that serve us,
• 9:48
  Speaker 4: not just keep those people at the top. But I
• 9:50
  Speaker 4: guess here's the reality. Everything that we've covered today, from
• 9:54
  Speaker 4: Trump's economic priorities to his stance on women's rights, is
• 9:57
  Speaker 4: a reminder that these power struck are still working against us. Historically,
• 10:04
  Speaker 4: financial systems and political policies have been designed to sideline women,
• 10:09
  Speaker 4: limit our options, and keep the scales tipped in the
• 10:11
  Speaker 4: favor of entrenched power. But here's where we flip the
• 10:15
  Speaker 4: script to my friends. By mastering our financial literacy, we
• 10:19
  Speaker 4: are taking back control. We are taking back our power.
• 10:23
  Speaker 4: Building financial knowledge isn't just about managing money. It's about
• 10:27
  Speaker 4: challenging a system that expects us to play small. When
• 10:30
  Speaker 4: we know how to invest and save and budget with confidence,
• 10:34
  Speaker 4: we're not just securing our futures. We're refusing to be
• 10:37
  Speaker 4: sidelined by policies that just don't have our interests at heart.
• 10:41
  Speaker 4: Financial literacy is a radical act of self empowerment. It's
• 10:45
  Speaker 4: how we fight back against leaders who often overlook or
• 10:49
  Speaker 4: completely undermine our rights. Every single dollar we invest and
• 10:53
  Speaker 4: every financial goal that we achieve is a statement that
• 10:57
  Speaker 4: we won't be limited by our decisions made in rooms
• 10:59
  Speaker 4: that we're excluded from. So let's use our financial knowledge
• 11:03
  Speaker 4: to dismantle these structures. Little bit by little bit and
• 11:06
  Speaker 4: build our own systems of power. True independence, true strength
• 11:11
  Speaker 4: lies in knowing that our futures are firmly in our
• 11:14
  Speaker 4: own hands, not in the hands of leaders who don't
• 11:17
  Speaker 4: have our best interests at heart. Before I leave you,
• 11:20
  Speaker 4: though I wanted to, I guess end on some good
• 11:23
  Speaker 4: news that I've pulled out of this election. Seven states
• 11:27
  Speaker 4: voted to enshrine the right to abortion in their constitution.
• 11:31
  Speaker 4: So Colorado, New York, Maryland, Montana, Nevada, Arizona, and Missouri.
• 11:37
  Speaker 1: That's right.
• 11:37
  Speaker 4: Even in the midst of big changes and challenges, there
• 11:41
  Speaker 4: are powerful reminders that progress.
• 11:43
  Speaker 1: Is still possible.
• 11:45
  Speaker 4: The fact that seven states took a stand to protect
• 11:48
  Speaker 4: reproductive rights shows that despite setbacks, people are pushing back
• 11:53
  Speaker 4: and making their voices heard. Let's keep that momentum going.
• 11:57
  Speaker 4: Change might be slow, it might feel really slow, but
• 12:00
  Speaker 4: every step we take counts. Policies may shift, but our
• 12:04
  Speaker 4: commitment to our values and our future it's rock solid.
• 12:08
  Speaker 4: So let's keep pushing for a fairer, stronger future, one
• 12:12
  Speaker 4: where we have the knowledge, we have the confidence, and
• 12:15
  Speaker 4: we have the power to make choices that truly serve us.
• 12:19
  Speaker 4: My friends, that is all from me today. But please
• 12:22
  Speaker 4: don't forget to subscribe so that you never miss out
• 12:24
  Speaker 4: on an episode. Keep learning, stay strong, and remember financial freedom.
• 12:29
  Speaker 1: Is our most powerful tool.
• 12:32
  Speaker 4: Have a really good weekend, my friends, and I'll see
• 12:34
  Speaker 4: you brighten early from.
• 12:35
  Speaker 1: Monday Money Day.
• 12:42
  Speaker 5: The IF I shared on She's on the Money is
• 12:44
  Speaker 5: general in nature and does not consider your individual circumstances.
• 12:48
  Speaker 5: She's on the Money exists purely for educational purposes and
• 12:52
  Speaker 5: should not be relied upon to make an investment or
• 12:54
  Speaker 5: financial decision.
• 12:56
  Speaker 4: If you do choose to buy a financial product.
• 12:58
  Speaker 5: Read the PDS TMD and obtain appropriate financial.
• 13:01
  Speaker 4: Advice tailored towards your needs.
• 13:03
  Speaker 5: Victoria Divine and She's on the Money are authorized representatives
• 13:07
  Speaker 5: of Money sherper P t y lt D A b
• 13:10
  Speaker 5: N three two one six four nine two seven seven
• 13:13
  Speaker 5: zero eight AFS L four five one two eight nine