Trump's ‘revenge tax' on super funds, companies may be delayed
Sydney/Washington | Australian companies and superannuation funds in the United States have secured a 12-month reprieve from punitive new taxes that would dramatically increase their costs after Republicans watered down core parts of Donald Trump's so-called 'big beautiful bill'.
The Senate Finance Committee and its chairman, Idaho senator Mike Crapo, have moderately eased the potential burden on overseas entities operating or investing in the US, even though lobbyists and tax experts still believe the section 899 law at the centre of their fears is still overwhelmingly negative.
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The Advertiser
39 minutes ago
- The Advertiser
Stocks tumble, safe havens gain as Mideast war flares
Global stocks have fallen and the dollar has risen as investors, concerned over the United States' possible entry into the Israel-Iran air war, seek safe-haven assets and ditch riskier ones. President Donald Trump kept the world guessing about whether the United States would join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday, "I may do it. I may not do it." The Wall Street Journal reported that Trump had told senior aides he approved attack plans on Iran but was holding off on giving the final order to see if Tehran would abandon its nuclear programme. In Europe, stocks fell for a third day on Thursday, leaving the STOXX 600 down nearly 2.5 per cent on the week, set for its biggest week-on-week decline since the tariff-induced turmoil of April. US S&P 500 futures fell 0.6 per cent, although most US markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday. "Market participants remain edgy and uncertain," said Kyle Rodda, senior financial markets analyst at Speculation was rife "that the US will intervene, something that would mark a material escalation and could invite direct retaliation against the US by Iran", he said. "Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth." Much of the recent nervousness in markets has been centred around crude supply shocks from the Middle East, which has driven the price of crude oil up by 11 per cent in a week. Brent crude rose nearly one per cent to $US77.40 a barrel, close to its highest since January. Gold, which tends to struggle when the dollar gains, pared earlier losses to trade at $US3,366 an ounce. The dollar itself rose broadly, leaving the euro down 0.1 per cent at $US1.1466 and the Australian and New Zealand dollars - both risk-linked currencies - down 0.7 per cent and one per cent, respectively. Overnight, the Federal Reserve delivered some mixed signals to markets. Much to Trump's displeasure, policymakers held rates steady as expected and retained projections for two quarter-point rate cuts this year. However, Fed chair Jerome Powell struck a cautious note about further easing ahead, saying at his media conference later that he expected "meaningful" inflation ahead as a result of Trump's aggressive trade tariffs. Markets will now look to a string of central bank policy decisions out of Europe for any possible catalysts. The Swiss National Bank cut interest rates to zero, as expected, leaving the franc to drift as markets had priced in a roughly-20 per cent chance of a half-point cut. The franc, which has been a major beneficiary of safe-haven buying this year, was last steady against both the dollar, at 0.819 francs, and the euro at 0.9395 francs. The Bank of England is up next and is expected to keep UK rates unchanged. Data on Wednesday showed inflation cooled as expected in May, although food prices shot up and policymakers will be considering the potential impact from higher energy prices in light of the Israel-Iran war. Sterling edged 0.1 per cent lower to $US1.341. Global stocks have fallen and the dollar has risen as investors, concerned over the United States' possible entry into the Israel-Iran air war, seek safe-haven assets and ditch riskier ones. President Donald Trump kept the world guessing about whether the United States would join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday, "I may do it. I may not do it." The Wall Street Journal reported that Trump had told senior aides he approved attack plans on Iran but was holding off on giving the final order to see if Tehran would abandon its nuclear programme. In Europe, stocks fell for a third day on Thursday, leaving the STOXX 600 down nearly 2.5 per cent on the week, set for its biggest week-on-week decline since the tariff-induced turmoil of April. US S&P 500 futures fell 0.6 per cent, although most US markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday. "Market participants remain edgy and uncertain," said Kyle Rodda, senior financial markets analyst at Speculation was rife "that the US will intervene, something that would mark a material escalation and could invite direct retaliation against the US by Iran", he said. "Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth." Much of the recent nervousness in markets has been centred around crude supply shocks from the Middle East, which has driven the price of crude oil up by 11 per cent in a week. Brent crude rose nearly one per cent to $US77.40 a barrel, close to its highest since January. Gold, which tends to struggle when the dollar gains, pared earlier losses to trade at $US3,366 an ounce. The dollar itself rose broadly, leaving the euro down 0.1 per cent at $US1.1466 and the Australian and New Zealand dollars - both risk-linked currencies - down 0.7 per cent and one per cent, respectively. Overnight, the Federal Reserve delivered some mixed signals to markets. Much to Trump's displeasure, policymakers held rates steady as expected and retained projections for two quarter-point rate cuts this year. However, Fed chair Jerome Powell struck a cautious note about further easing ahead, saying at his media conference later that he expected "meaningful" inflation ahead as a result of Trump's aggressive trade tariffs. Markets will now look to a string of central bank policy decisions out of Europe for any possible catalysts. The Swiss National Bank cut interest rates to zero, as expected, leaving the franc to drift as markets had priced in a roughly-20 per cent chance of a half-point cut. The franc, which has been a major beneficiary of safe-haven buying this year, was last steady against both the dollar, at 0.819 francs, and the euro at 0.9395 francs. The Bank of England is up next and is expected to keep UK rates unchanged. Data on Wednesday showed inflation cooled as expected in May, although food prices shot up and policymakers will be considering the potential impact from higher energy prices in light of the Israel-Iran war. Sterling edged 0.1 per cent lower to $US1.341. Global stocks have fallen and the dollar has risen as investors, concerned over the United States' possible entry into the Israel-Iran air war, seek safe-haven assets and ditch riskier ones. President Donald Trump kept the world guessing about whether the United States would join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday, "I may do it. I may not do it." The Wall Street Journal reported that Trump had told senior aides he approved attack plans on Iran but was holding off on giving the final order to see if Tehran would abandon its nuclear programme. In Europe, stocks fell for a third day on Thursday, leaving the STOXX 600 down nearly 2.5 per cent on the week, set for its biggest week-on-week decline since the tariff-induced turmoil of April. US S&P 500 futures fell 0.6 per cent, although most US markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday. "Market participants remain edgy and uncertain," said Kyle Rodda, senior financial markets analyst at Speculation was rife "that the US will intervene, something that would mark a material escalation and could invite direct retaliation against the US by Iran", he said. "Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth." Much of the recent nervousness in markets has been centred around crude supply shocks from the Middle East, which has driven the price of crude oil up by 11 per cent in a week. Brent crude rose nearly one per cent to $US77.40 a barrel, close to its highest since January. Gold, which tends to struggle when the dollar gains, pared earlier losses to trade at $US3,366 an ounce. The dollar itself rose broadly, leaving the euro down 0.1 per cent at $US1.1466 and the Australian and New Zealand dollars - both risk-linked currencies - down 0.7 per cent and one per cent, respectively. Overnight, the Federal Reserve delivered some mixed signals to markets. Much to Trump's displeasure, policymakers held rates steady as expected and retained projections for two quarter-point rate cuts this year. However, Fed chair Jerome Powell struck a cautious note about further easing ahead, saying at his media conference later that he expected "meaningful" inflation ahead as a result of Trump's aggressive trade tariffs. Markets will now look to a string of central bank policy decisions out of Europe for any possible catalysts. The Swiss National Bank cut interest rates to zero, as expected, leaving the franc to drift as markets had priced in a roughly-20 per cent chance of a half-point cut. The franc, which has been a major beneficiary of safe-haven buying this year, was last steady against both the dollar, at 0.819 francs, and the euro at 0.9395 francs. The Bank of England is up next and is expected to keep UK rates unchanged. Data on Wednesday showed inflation cooled as expected in May, although food prices shot up and policymakers will be considering the potential impact from higher energy prices in light of the Israel-Iran war. Sterling edged 0.1 per cent lower to $US1.341. Global stocks have fallen and the dollar has risen as investors, concerned over the United States' possible entry into the Israel-Iran air war, seek safe-haven assets and ditch riskier ones. President Donald Trump kept the world guessing about whether the United States would join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday, "I may do it. I may not do it." The Wall Street Journal reported that Trump had told senior aides he approved attack plans on Iran but was holding off on giving the final order to see if Tehran would abandon its nuclear programme. In Europe, stocks fell for a third day on Thursday, leaving the STOXX 600 down nearly 2.5 per cent on the week, set for its biggest week-on-week decline since the tariff-induced turmoil of April. US S&P 500 futures fell 0.6 per cent, although most US markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday. "Market participants remain edgy and uncertain," said Kyle Rodda, senior financial markets analyst at Speculation was rife "that the US will intervene, something that would mark a material escalation and could invite direct retaliation against the US by Iran", he said. "Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth." Much of the recent nervousness in markets has been centred around crude supply shocks from the Middle East, which has driven the price of crude oil up by 11 per cent in a week. Brent crude rose nearly one per cent to $US77.40 a barrel, close to its highest since January. Gold, which tends to struggle when the dollar gains, pared earlier losses to trade at $US3,366 an ounce. The dollar itself rose broadly, leaving the euro down 0.1 per cent at $US1.1466 and the Australian and New Zealand dollars - both risk-linked currencies - down 0.7 per cent and one per cent, respectively. Overnight, the Federal Reserve delivered some mixed signals to markets. Much to Trump's displeasure, policymakers held rates steady as expected and retained projections for two quarter-point rate cuts this year. However, Fed chair Jerome Powell struck a cautious note about further easing ahead, saying at his media conference later that he expected "meaningful" inflation ahead as a result of Trump's aggressive trade tariffs. Markets will now look to a string of central bank policy decisions out of Europe for any possible catalysts. The Swiss National Bank cut interest rates to zero, as expected, leaving the franc to drift as markets had priced in a roughly-20 per cent chance of a half-point cut. The franc, which has been a major beneficiary of safe-haven buying this year, was last steady against both the dollar, at 0.819 francs, and the euro at 0.9395 francs. The Bank of England is up next and is expected to keep UK rates unchanged. Data on Wednesday showed inflation cooled as expected in May, although food prices shot up and policymakers will be considering the potential impact from higher energy prices in light of the Israel-Iran war. Sterling edged 0.1 per cent lower to $US1.341.
Sky News AU
44 minutes ago
- Sky News AU
Sharri Markson rips into Tucker Carlson for ‘hysterical protest' against Trump
Sky News host Sharri Markson says Donald Trump is 'likely' to order the B2 bombers with the bunker buster bombs to hit the Fordow nuclear site in Iran. This comes as Soroka Hospital in southern Israel has been smashed by an Iranian missile as both countries continue to exchange fire. 'He'll do this despite the hysterical public protests from anti-Americans who claim to be American first – the most prominent of these is Tucker Carson,' Ms Markson said. 'Tucker is dressing up his anti-Western views as die-hard MAGA, when it's the exact opposite. 'In intelligence circles, he is considered a pawn and propaganda tool of Russia's.'
Sky News AU
44 minutes ago
- Sky News AU
Trump's potential involvement in Iran-Israel conflict is ‘concerning'
Nationals Senator Matt Canavan discusses the 'concerning' possibility of US President Donald Trump becoming involved in the Iran-Israel conflict. 'I'm concerned here right now, I mean, have we learnt the lessons of the last 20 years?' Mr Canavan told Sky News host Sharri Markson. 'I'm very worried about what's happening here … I'm not so sure what the objective here is. 'I hope the President is considering all of these things very deeply because it has huge implications for the rest of the world.'
