Aussie beef exemption, Trump tower in Queensland, Andrew succession line debate

As Trump's trade policy is thrown into question, Australia has found a silver lining,

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Good morning, as President Donald Trump's trade policy is thrown into doubt and US partners worry about what this will mean for previously brokered agreements, Australia has found a silver lining: it will keep its exemption for beef exports. In further Trump news, his organization plans to build its first tower in Australia — on Queensland's Gold Coast. - Carmeli Argana, Australian stocks reporter What's happening now Australian beef will be exempted from the new 15% US tariffs, according to industry body Meat & Livestock Australia. The organization confirmed the exemption in a conversation with their counterparts in the US, a spokesperson said. In November, the US administration announced that beef imports to America would be exempt from tariffs as part of a plan by the government to tackle rising food costs for consumers. Trump is also making headlines Down Under for non-trade reasons, with his organization planning its first branded tower in Australia: a 91-storey building combining a hotel and luxury apartments in the Surfers Paradise resort on Queensland's Gold Coast. The development will feature 272 residences, along with a private beach club, shops and restaurants. A UK government proposal to remove King Charles III's brother, Andrew Mountbatten-Windsor, from the line of succession to the monarchy gained momentum as Australian Prime Minister Anthony Albanese backed the plan. The Reserve Bank of Australia is in a "difficult position" as it raised interest rates at a slower pace than peers following the post-pandemic surge in inflation, New Zealand central banker Karen Silk said, highlighting the divergent economic and monetary paths of the neighboring economies. Liking the All Blacks won't suffice for new New Zealand central bank Governor Anna Brennan, writes Bloomberg Opinion's Daniel Moss. The first foreigner to head the RBNZ counseled patience in her first interest-rate decision last week, but by opting not to lay the groundwork for an increase in borrowing costs, she may be a risk, as inflation is picking up along with the expansion. What happened overnight Stocks fell and bonds rose as renewed anxiety over the impact of artificial intelligence on company profits joined lingering tariff uncertainty in squelching risk appetites. Bitcoin tumbled below $65,000. Gold rallied. In Australia, futures are pointing toward a slight gain for stocks at the open. More on tariffs: the renewed policy uncertainty has sparked warnings from officials and economists, with some saying that the risk of escalation is now higher than it was a year ago. While the US's new 15% rate creates temporary winners and losers, it leaves the overall weighted tariff rate marginally lower. Major US trading partners like the EU have already frozen ratification of trade deals until Trump can solidify his plans. US President Donald Trump. Photographer: Aaron Schwartz/CNP/Bloomberg In the latest on the tech selloff: Delivery, payments, and software stocks slid sharply Monday after Citrini Research published a report laying out the potential risks that artificial intelligence could pose to various segments of the global economy. The selloff has even sparked some takeover interest in Paypal from potential buyers, according to people familiar with the matter. Closer to the region, Bangladesh plans to renegotiate its power purchase deal with India's Adani Power in order to seek lower prices, according to people familiar with the matter, marking one of the newly elected government's first initiatives since taking office last week. What to watch Nothing major scheduled One more thing... Long before he turned South Korea into the hottest stock market in the world, Lee Jae Myung was just a newbie, 30-something day trader bleeding cash. All these decades later, Lee, now the nation's president, is still miffed about those losses. What bothered him most was the gnawing sensation that those losses were amplified by the unfair deals that controlling shareholders cut to enrich themselves at the expense of ordinary investors. That lingering anger prompted him to impose sweeping financial reforms since he took power last June, including rules that level the playing field for all shareholders. Lee Jae Myung, South Korea's president. Photographer: SeongJoon Cho/Bloomberg NEW: Explore live streaming news and interviews, documentaries, reporter analysis and more, all in one place. Check out Bloomberg.com/videos. Enjoying Australia Briefing? 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