00:00Well, if you're flying to the US anytime soon, you'll be happy to know the Aussie
00:06dollar at 65.5 US cents is near the highest it's been all year.
00:11Since the US president announced these Liberation Day tariffs back in April, the US greenback
00:16has fallen to a three-year low, while the Aussie dollar is benefiting from the sell
00:21America trade.
00:23The other good news, if you've got big investments in the US like our big super funds do, is
00:27that the Trump administration is getting rid of something called section 899 from Trump's
00:33so-called big beautiful bill.
00:36Basically, it's known as the revenge tax, which would have allowed the US to slap an
00:40extra 20 percent tax on companies from other nations with policies that discriminate against
00:46American businesses.
00:48In return, countries, including Australia, will have to scrap plans to force American
00:53companies to pay at least 15 percent tax and abandon any moves to force US tech giants
00:59to pay for journalism from local news networks.
01:03As for why anyone would want the likes of Meta, Amazon, Netflix, Disney and Google to pay more
01:08tax?
01:09Keep in mind, they earned $15 billion in Australian revenue last year, but paid just $254 million
01:16to the ATO.
01:18Just one of the perks of having offshore entities where you can shift your profits to in order
01:22to minimise tax.
01:25Meanwhile, the ASX ended its day slightly lower, down by around 0.4 percent.
01:30Shares of Woolworths fell after it announced plans to get rid of MyDeal, its loss-making
01:36online marketplace, which it bought only three years ago.
01:39Overseas, markets went up in most places except for China and Hong Kong.
01:44While no new flare-ups in global tensions have led to gold prices falling and higher oil and
01:49iron ore prices.
01:51And that's finance.
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