Sneak preview time with Donald Trump! The US President has shown us overnight  the tariffs that could be hitting not only Australia but the rest of the world.

Not only did Trump preview big deals struck with major trading partners, he’s given himself an extension on his homework until the start of August.

The pause we're now still in has given a lot of countries a chance to negotiate down the tariffs that he’s proposing. Despite the extension, however Wall Street did not like the news. The Dow gave up something like 422 points—that’s 0.94%. The S&P 500 was down 49 points. And the tech-heavy Nasdaq, which has companies like Tesla, Meta and Apple and the like, was down 0.92%.

So, what’s scaring or spooking the stock market this morning?

Well, try this: Japan, South Korea, Malaysia and Kazakhstan have all now confirmed they'll cop a 25% tariff. Laos and Myanmar will fall—they too get a 40% duty. And South Africa will cop a 30% slug.

And then there's the EU. The EU is promised a 50% tariff. They’re negotiating—and they’re doing that right now. But always, uncertainty is not good for stocks.

The good news for us is Australia looks like it’s only going to be hit with the 10% tariff that was mentioned on Liberation Day, April 2nd. I call that "Clobberation Day" after what we saw happen to global stocks.

The reaction overnight hasn’t been as great, but there is this kind of feeling that if the retaliation from other countries ends up being bigger than expected, it could really rock stocks.

Interestingly for Australia, the US Treasury Secretary, Scott Bessent, said—and I love the fact he used this term: countries will “boomerang” back to the April 2nd tariffs by the start of August if they have failed to negotiate with Washington.

The Trump administration has also said it has sent over 100 letters out. If you get a letter, it basically says: negotiate on tariffs or you’ll cop what we promised on Liberation Day.

Fortunately, Australia has not been the recipient of such a letter. The Prime Minister (who jets off to Beijing today) was hinting about that last week, so we’re not expecting anything more than the 10% tariff that was imposed on Liberation Day.

Sure, steel and aluminium parts—they copped a 50% tariff. That’s what we call "sector tariffs". And then we’ve got other areas like automobile parts—they’re about 25%. There’s going to be a whole range of little tariffs for various sectors. But basically, Australia is getting off a lot better than people were expecting.

Our market was tipped to open 43 points lower at the start, and the Aussie dollar is down under 65 cents—at 64.95 US cents.

That’s showing you that the market is not comfortable with the tariff pressure that’s going to be applied between now and the start of August.

Meanwhile, speaking of Trump's orbit, former friend and government flunky Elon Musk is in the news. Or more specifically, Tesla. The EV maker spectacularly dropped $68 billion in market value overnight. That’s 7% off the share price. You know why? Because Elon Musk decided to start his own political party, and it’s going to be called the America Party.

I reckon the guy has a cap of his own—you know, like the MAGA cap that Donald Trump has, which means “Make America Great Again”. I Elon's could probably read “MACRA”: “Making America Crazy Again.