Citigroup: Australia expected to maintain resilience amid global trade turmoil

On February 3rd, Jin10 Data reported that Citigroup economists said that despite the U.S. President Trump’s imposition of tariffs on Canada, Mexico and other countries, Australia is expected to maintain resilience against global trade disruption. Citigroup’s Australian economists Josh Williamson and Faraz Syed said in a research report on Monday that Australia’s strong political relationship with Washington and its direct exports to the United States account for only 3% of total shipments in 2023, which is one of the reasons why Trump 2.0 will not be a ‘disaster’. They said: ‘Although the global trade flow may be hit, which may lead to a slight drop in income and GDP rise, natural shock absorbers such as exchange rates and close economic ties with other regions of the world may mean that the economic impact on Australia is minimal.’