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Daily Update — April 9, 2025

Australian Metals Respond to Tariffs; Pragmatic Energy Transition; and Tariffs Challenge Private Equity

Today is Wednesday, April 9, 2025, and here’s your curated selection of essential intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Global Trade

Australia eyes stronger aluminum, steel antidumping rules against US tariffs

 

Australia is taking steps to enhance its antidumping measures in response to new tariffs imposed by the US that could adversely affect its steel, aluminum and manufacturing sectors. Prime Minister Anthony Albanese announced plans to shield these key industries from unfair competition, particularly as the US has implemented a 25% tariff on all steel and aluminum imports. Albanese pointed out that the tariffs have not resulted in an increase in American production and have merely led to higher prices for consumers.

 

The Australian government is allocating A$50 million, or about US$30 million, to affected sectors, promoting local manufacturing and establishing a new economic resilience program to provide A$1 billion in zero-interest loans to help firms seize new export opportunities. Concerns have been raised about potential trade diversion resulting from US tariffs, which could lead to lower-priced imports flooding the Australian market. 

 

Gain essential mining intelligence​ with our comprehensive database of public and private mining companies, projects and mining properties. 

Energy Transition & Sustainability

Listen: Energy transition discussions shift to pragmatism amid policy uncertainty

 

To understand how companies at the heart of the energy industry are approaching the energy transition, S&P Global Sustainable1 took the “All Things Sustainable” podcast on the road to Houston to cover CERAWeek, the annual S&P Global conference informally known as the industry’s “Super Bowl.” 

 

Many discussions at this year’s CERAWeek focused on pragmatism and realism. Hear from S&P Global Ratings Chief Economist Paul Gruenwald about balancing near-term concerns around energy affordability, security and reliability with longer-term concerns about sustainability and climate change. Gruenwald also discussed the effect of tariff uncertainty in the US.

Private Markets

Tariffs add new hurdle to private equity's exit challenge

 

Entering 2025, there was optimism for improved exit conditions, bolstered by a 5% rise in buyout fund exits in 2024. However, uncertainty surrounding President Donald Trump's recent tariffs has slowed exit activity in the first quarter of 2025. Private equity firms now need to thoroughly assess their portfolio companies' exposure to these tariffs, especially companies with complex supply chains. 

 

Despite these challenges, there remains a sense of optimism within the private equity sector. Over 70% of private equity and venture capital general partners surveyed by S&P Global Market Intelligence anticipate improved deal activity in 2025. Investment activity in the first quarter was robust, with the value of private equity deals growing 67% year over year to $221 billion globally. 

 

Learn more about how recent tariff announcements are impacting global markets during S&P Global Market Intelligence's upcoming webinar, Adrift in a Sea of Tariffs: Q2 2025 Supply Chain Outlook.

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