‘Americans have the same issues': Australian EV market impacted by poor infrastructure
'Those countries where an electric vehicle suits the driving that the majority of people do, it makes sense to own one,' Mr Nikolic told Sky News Australia.
'We should be looking more at markets like the United States, which are very spread out, people drive long distances.
'The Americans have the same issues with infrastructure that we do.'
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Sky News AU
a few seconds ago
- Sky News AU
Donald Trump hikes tariffs for India to 50 per cent as punishment for buying Russian oil
US President Donald Trump has imposed an additional 25 per cent tariff on India as punishment for its importation of Russian oil. The American leader says its continued purchase of Russian oil, some of which it onsells to third countries, including Australia, is a key to Moscow's war effort in Ukraine. The tariff comes into effect in three weeks and will be on top of a separate 25 per cent tariff to begin on Thursday, which takes the total tariff hike to 50 per cent. India claims the decision was 'unfortunate', adding it was importing the oil to provide energy security for its massive population at a good price. It also points to the vast quantities of uranium, plutonium, and fertiliser that the US buys from Russia.
Perth Now
an hour ago
- Perth Now
Big problem with essential Aussie scheme
Health Minister Mark Butler says he is looking at recommendations to speed up medicine approvals amid pressure from lobbyists both within Australia and in the US. Medicines Australia has repeatedly highlighted that Australia lags behind comparable countries in listing new medicines on the Pharmaceutical Benefits Scheme (PBS) – a list of federally subsidised medicines. It takes an average of 466 days from when the Therapeutic Goods Administration approves a medicine to when it becomes affordable on the PBS, according to the peak body. This is much longer than in the UK and Canada, for example. The lengthy timeline has also angered the Pharmaceutical Research and Manufacturers of America (PhRMA), which has framed the PBS as a 'non-tariff trade barrier' that harms American companies in representations to the Trump administration. Lengthy PBS listing times is among PhRMA's core criticisms. Mr Butler said on Thursday he would look at Medicines Australia's recommendations to make the 'approvals system quicker'. Powerful pharmaceutical lobbyists in the US have accused Australia of 'freeloading' on the high prices paid by American consumers. Martin Ollman / NewsWire Credit: News Corp Australia 'We're getting an enormous number of new medicining coming on to the market,' he told the ABC. 'We're living through a turbocharged period of discovery bringing more and more new medicine, so making sure that we can assess them and approve them very quickly to get them into patients as quickly as possible is something I've said is a real priority for us this term.' Because the PBS compels drugmakers to negotiate prices with the federal government, PhRMA has accused Australia of 'freeloading' on US-funded research and development. Meanwhile, American consumers pick up the bill, according to the lobby group. 'The medicines industry, understandably, given their interest, want to make prices higher as well, so there will be a bit of a debate about how we do that,' Mr Butler said. 'But I'm very much on the page of getting medicines more quickly into our system, our PBS system. 'It's a terrific system and we're trying to make medicines cheaper at the same time for Australians.' PhRMA has explicitly urged the Trump administration to 'leverage ongoing trade negotiations' to influence Australia's PBS policies. Mr Butler has echoed Anthony Albanese and fellow senior government ministers in ruling out any 'compromise' on the system as part of tariff talks. For the moment, Donald Trump's concern with the sector appears to be largely focused on bringing down prices in the US rather than punishing allies for having cheaper medicines. A RAND Corporation report found that Americans pay nearly four times more than Australians for medicines and about three times more than the average in other developed economies. The answer, according to the US President, is to make pharmaceuticals in the US. In a warning shot to firms, Mr Trump this week threatened to slap tariffs of up to 250 per cent on foreign-made products. With Australian pharma exports to the US worth more than $2bn in 2024, it would hit producers Down Under hard. Exports are mostly blood products and vaccines but also include packaged medicines and miscellaneous products, such as bandages. 'We'll be putting (an) initially small tariff on pharmaceuticals,' Mr Trump told US business news channel CNBC. 'In one year, 1½ years maximum, it's going to go to 150 per cent and then it's going to go to 250 per cent because we want pharmaceuticals made in our country.' He did not say what the initial rate would be, but earlier in the year he said duties on the sector would start from 25 per cent. Mr Trump last week wrote to 17 major pharmaceutical companies demanding they lower their prices for American consumers and bring them in line with prices overseas.
Perth Now
2 hours ago
- Perth Now
Trump to put additional 25pct import taxes on India
US President Donald Trump has signed an executive order to place an additional 25 per cent tariff on India for its purchases of Russian oil. It brings the combined tariffs imposed by the United States on its ally to 50 per cent. The tariffs would go into effect 21 days after the signing of the order, meaning both India and Russia might have time to negotiate with the administration on the import taxes. Trump's moves could scramble the economic trajectory of India, which until recently was seen as an alternative to China by American companies looking to relocate their manufacturing. China also buys oil from Russia, but it was not included in the order signed by the Republican president. As part of a negotiating period with Beijing, Trump has placed 30 per cent tariffs on goods from China, a rate that is smaller than the combined import taxes with which he has threatened New Delhi. Trump had previewed for reporters that the tariffs would be coming. During an event in the Oval Office on Wednesday, local time, with Apple chief executive Tim Cook, Trump affirmed the 50 per cent tariff number, not giving a specific answer as to whether additional tariffs on India would be dropped if there were a deal between Russia and Ukraine. "We'll determine that later," Trump said. "But right now they're paying a 50 per cent tariff." The White House said on Wednesday that Trump could meet in person with Russian President Vladimir Putin as soon as next week as he seeks to broker an end to the war. The Indian government called the additional tariffs "unfortunate". "We reiterate that these actions are unfair, unjustified and unreasonable," Foreign Ministry spokesman Randhir Jaiswal said in a statement, adding that India would take all actions necessary to protect its interests. Jaiswal said India has already made its stand clear that the country's imports were based on market factors and were part of an overall objective of ensuring energy security for its 1.4 billion people. Ajay Srivastava, a former Indian trade official, said the latest tariff places the country among the most heavily taxed US trading partners and far above rivals such as China, Vietnam and Bangladesh. "The tariffs are expected to make Indian goods far costlier with the potential to cut exports by around 40-50 per cent to the US," he said. Srivastava said Trump's decision was "hypocritical" because China bought more Russian oil than India did in 2024. "Washington avoids targeting Beijing because of China's leverage over critical minerals which are vital for US defence and technology," he said. In 2024, the US ran a $US45.8 billion ($A70.4 billion) trade deficit in goods with India, meaning America imported more from India than it exported, according to the US Census Bureau. American consumers and businesses buy pharmaceutical drugs, precious stones and textiles and apparel from India, among other goods. As the world's largest nation, India represented a way for the US to counter China's influence in Asia. But India has not supported the Ukraine-related sanctions by the US and its allies on Moscow even as India's leaders have maintained that they want peace. The US and China are currently in negotiations on trade, with Washington imposing a 30 per cent tariff on Chinese goods and facing a 10 per cent retaliatory tax from Beijing on American products. The planned tariffs on India contradict past efforts by the Biden administration and other nations in the Group of Seven leading industrialised nations that encouraged India to buy cheap Russian oil through a price cap imposed in 2022.
