International News 17 November 2025
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Australia Welcomes U.S. Decision to Remove Beef Tariffs
Australia’s Foreign Minister Penny Wong said on Sunday that the country welcomes President Donald Trump’s removal of tariffs on more than 200 food products, including beef—calling it a positive development for Australian beef producers. The U.S. move, driven by concerns over rising food costs, benefits Australia, which became the largest red meat supplier to the U.S. in 2024 by offering competitive prices and lean cuts that American producers lack. Wong emphasized that open market access benefits both consumers and producers. Despite this progress, Wong declined to comment on whether Australia expects the U.S. to ease the 50% tariffs on steel and aluminum imports. She noted that the Labour government will continue to advocate for fair treatment as discussions evolve. The tariff issue follows Trump’s earlier complaints about Australia’s surging beef exports—worth A$4 billion last year—prompting Australia to begin easing its own import restrictions on U.S. beef. Australia has historically shipped 150,000–400,000 tons of beef annually to the U.S., where it remains a key ingredient for major fast-food chains.
Goldman Sachs Issues Stark Long-Term Outlook: “The Era of Inflated Valuations Is Over”
Goldman Sachs has quietly released a long-term stock market forecast through 2035 — and the message is far less optimistic than what U.S. investors have grown accustomed to over the past decade. After years of tech-driven rallies and soaring valuations, Goldman warns that the next 10 years will look very different. They project the S&P 500 to return only about 6.5% annually, a sharp slowdown from the double-digit gains investors have enjoyed. This outlook is based on moderate profit growth (~6%), stable dividends, and a slight drag from valuations. Importantly, Goldman says the biggest opportunities in the next decade won’t come from U.S. equities, but from global markets often ignored by American investors. The bank emphasizes that the period of “sentiment-driven price expansion” is essentially over. Current valuations are already historically elevated, and Goldman expects the market’s fair P/E ratio to fall from about 23x today to around 21x by 2035. Two major forces drive this view: first, U.S. corporate profit margins—now near 13% compared with 5% in 1990—are unlikely to continue expanding, given they were boosted by uniquely favorable global supply chains, ultra-low borrowing costs, and tax reductions. Second, with the 10-year U.S. Treasury yield expected to sit around 4.5%, there is limited room for valuation multiples to grow. In short, future stock gains will depend on real corporate earnings growth, not hype or expanding multiples.
Trump Bought Millions in Bonds Across Key Sectors, Disclosure Shows
U.S. President Donald Trump purchased US$82 million in corporate and municipal bonds between late August and early October, according to a financial disclosure released Saturday (Nov 15). The report—filed under the 1978 Ethics in Government Act—shows more than 175 individual transactions, though exact amounts per purchase were not detailed. The total maximum value of these bond purchases could exceed US$337 million. Most investments were in bonds issued by municipalities, states, counties, school districts, and other public institutions. Trump also added exposure to sectors benefiting from his administration’s policies, including financial deregulation. Corporate bonds bought by Trump span a wide range of industries: semiconductor giants Broadcom and Qualcomm, tech firm Meta Platforms, retailers Home Depot and CVS Health, and major Wall Street banks such as Goldman Sachs and Morgan Stanley. The president also purchased JP Morgan bonds just a day before calling on the Justice Department to investigate the bank’s past relationship with Jeffrey Epstein. Trump reportedly acquired Intel bonds after the U.S. government—under his direction—took a stake in the company. The White House has stated that Trump and his family do not directly manage these assets, which are handled by third-party financial institutions. Still, earlier disclosures revealed Trump earned over US$600 million in 2024 from crypto, golf properties, licensing deals, and other ventures, contributing to reported assets of at least US$1.6 billion.