Domestic activity has become strained in recent months by labour shortages and high interest rates introduced to tackle inflation, which has accelerated under record military spending.

Highlighting the massive implications of the ongoing Russia-Ukraine conflict, US President Donald Trump reiterated the urgent need for a peace settlement to end the "horrible" war and expressed his desire to meet Russian President Vladimir Putin soon.

In a post to Truth Social, President Trump threatened to hit Russia with tariffs if Vladimir Putin refuses to make a deal on the Ukraine war.