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Don James is said to have found himself fighting for his life as the marsupial held him down in floodwaters which had pooled on the side of the road near Port Macquarie - only escaping after the animal appeared to become spooked.

The "Moody's downgrade is, effectively, a political assessment, as much as it is an economic one", wrote Macquarie Bank analyst Thierry Wizman.

The disruption has the potential to cause near-term shortages in the US of items where China dominates the supply, such as baby carriages, colouring books and umbrellas, analysts at Macquarie noted this week.

"The primary question... is whether or not there will be negotiations," said Thierry Wizman, a global strategist at the investment bank Macquarie.

The latest tariffs could affect roughly $300bn-$400bn in imports, depending on what parts are affected by the order, according to Macquarie.