As we reported on Friday’s Morning Call, there was a swift market reaction to President Trump’s announcement on further tariffs on imports from China. Equities, currency and commodities all pulled back a little from the initial response, but, as Ray Attrill explains to Phil Dobbie, we are still left in a very different place. Treasury yields have fallen significantly, making further rate cuts seem even more likely, even though Jerome Powell seemed to be downplaying the speed of cuts earlier in the week. So, what does this mean for the Aussie dollar, in a week that sees the RBA and the RBNZ make rate announcements. Plus, with a majority of one MP, several Tory detractors and a basket of spending promises, could Boris be heading for a UK election?