The key to what is happening on tariffs is the psychology of Donald Trump

News Snapshot:

Cyclone Trump has hit the Australian mainland. After battering Canada, Mexico, Ukraine and the European Union in recent weeks, it has finally made its way to Australia. The damage is bad — Australian beef farmers in particular will suffer. But it could have been worse. Our Asian neighbours have taken a much harder hit as part of this dramatic shake-up to the international trading system — China, South Korea, Japan, Taiwan, Vietnam, Malaysia and Thailand being hardest hit. And of course that will impact Australia — our biggest trading partners have just had the goods they export to one of...