Wednesday, July 30

Tag: Australia

28Jul By AdminsNo Comments

Australia faces nervous wait as Trump’s tariff deadline looms

Australia is no closer to learning whether it will be hit by a higher tariff by the United States, despite President Donald Trump saying he'll be handing down fresh duties later this week. The so-called "reciprocal" tariffs were paused for 90 days, and the White House has recently announced deals with a slew of partners, including the UK, China, Vietnam, Indonesia, the Philippines, Japan and, as of this morning, the European Union. However, an Australian deal is yet to be announced ahead of the pause expiring on Friday. Donald Trump's tariffs have caused uncertainty in financial markets. (Getty) Australia is currently subject to a baseline 10 per cent tariff, but what that figure will be as of Friday is unclear. Trump said last week he would be sending out lett...
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17Jul By AdminsNo Comments

Trump hints at timeline for tariffs on $1.6 billion of Aussie exports

US President Donald Trump has said he will "probably" impose tariffs on pharmaceutical drug imports from the end of July. Speaking to reporters today, Trump said he would start out at a lower tariff rate and give companies a year to build domestic factories before they face higher import tax rates. He said this could come into effect "at the end of the month". Donald Trump has said he will "probably" impose tariffs on pharmaceutical imports at the end of July. (AP) Australian exports to the US are already subject to a 10 per cent tariff, with Trump recently saying that could rise to 15 or 20 per cent by August 1. But now it appears pharmaceutical exports could come in for special attention. Trump previously said tariffs on pharmaceuticals could climb as hi...
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11Jul By AdminsNo Comments

Trump promised 200 deals by now. He’s got three, and one more is getting very close

At the conclusion of his first 100 days in office in late April, US President Donald Trump made a stunning statement about his progress on tariff negotiations: He had completed trade deals with 200 countries. More than two months later, Trump has announced just three of those agreements – with China, the United Kingdom and Vietnam. So what happened? President Donald Trump speaks to members of the press during a Cabinet Meeting at the White House on July 8. (Andrew Harnik/Getty Images via CNN Newsource) Wednesday marked the day that Trump had set three months ago as a deadline for all countries to reach a deal or face higher "reciprocal" tariffs. Trump has since publicly acknowledged that pausing those "Liberation Day" tariffs until July 9 left insufficient time...
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17Jun By AdminsNo Comments

Prime Minister Anthony Albanese’s office says Trump meeting cancellation ‘understandable’

A spokesperson for Prime Minister Anthony Albanese's office says it is "understandable" his face-to-face meeting with Donald Trump was cancelled, after the White House said the US president would be leaving the G7 summit in Canada early. "President Trump had a great day at the G7, even signing a major trade deal with the United Kingdom and Prime Minister Keir Starmer," White House press secretary Karoline Leavitt said on X. "Much was accomplished, but because of what's going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State." Prime Minister Anthony Albanese at the G7. (Alex Ellinghausen) Albanese was set to meet Trump on the sidelines of the G7 this week, but the timing of Trump's departure now means it will not go...
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7Apr By AdminsNo Comments

ASX recovers but $100 billion still wiped out

The Australian Stock Exchange recovered slightly after a massive opening loss of $160 billion today, but has still lost $100 billion for the day as of about midday AEST. The ASX 200 fell 6.4 per cent to a 16-month low of 7177.3 after the exchange opened at 10am. At about noon, it was down 3.7 per cent at 7383.1, rebounding from that low. There are fears the ASX could face another wipeout today. (Getty) Mining companies and the big four banks were among the biggest drops, which came even after the ASX-200 opened at a 100-day low of 7453.90. Asian markets also plunged today, deepening a global stocks rout triggered by US President Donald Trump's trade war. Japan's benchmark Nikkei fell by more than eight per cent shortly after opening. The share average, ...
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13Mar By AdminsNo Comments

US official labels Australia a ‘dumper’ of aluminium as tariff fallout continues

US Commerce Secretary Howard Lutnick has labelled Australia as a "dumper" of under-priced aluminium as domestic politicians scramble to push for an exemption on steel and aluminium tariffs. "You've got dumpers in the rest of the world. Japan dumps steel, China dumps steel," he told Fox Business. "We're going to stop that nonsense and bring steel here. "We're not going to stand for China dumping, Japan dumping, Australia does a lot of aluminium at below cost." Trump refused to grant Australia an exemption. (Getty) Lutnick said Trump was "protecting America". Australia's steel and aluminium exports to the US amount to about 0.2 per cent of the national total export value. This morning, opposition leader Peter Dutton promised to "get a deal done" with U...
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