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News.com.au
3 hours ago
- News.com.au
Trump hikes India levy over Russian oil as tariff deadline approaches
US President Donald Trump on Wednesday ordered steeper tariffs on Indian goods over New Delhi's continued purchase of Russian oil, opening a new front in his trade wars just hours before another wave of duties takes effect. An additional 25-percent tariff on Indian goods, set to come into place in three weeks, stacks atop a separate 25-percent duty entering into force Thursday, taking the level to 50 percent for many products. Trump's order also threatens penalties on other countries who "directly or indirectly" import Russian oil, a key revenue source for Moscow's war in Ukraine. Exemptions remain however for goods targeted under sector-specific duties such as steel and aluminum, and categories that could be hit later, like pharmaceuticals and semiconductors. Smartphones are among this list of exempted products for now, notably shielding Apple from a major hit as the US tech titan shifts production from China to India. India's foreign ministry condemned Trump's tariff announcement Wednesday, calling the move "unfair, unjustified and unreasonable." The ministry previously said India began importing oil from Russia as traditional supplies were diverted to Europe over the war -- noting that Washington had "actively encouraged" such imports to strengthen "global energy market stability." But Trump recently raised pressure on India over the oil purchases, threatening new tariffs as part of a campaign to force Moscow into ending its devastating invasion of Ukraine. India's national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with US envoy Steve Witkoff's visit. The 25-percent additional tariff is notably lower than a 100-percent level Trump floated last month when he told Russia to end the war in Ukraine within 50 days or face massive new economic sanctions. The Republican said at the time that these would be "secondary tariffs" targeting Russia's remaining trade partners, seeking to impede Moscow's ability to survive already sweeping Western sanctions. "This marks a low point in US-India relations," said Farwa Aamer, the Asia Society Policy Institute's director of South Asia Initiatives. She expects domestic pressure for India to accede to US demands, but said "this will be a tough road to navigate." - Tariff turmoil - Trump has also separately taken aim at Brazil over the trial of his right-wing ally, former president Jair Bolsonaro -- who is accused of planning a coup. US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, although broad exemptions including for orange juice and civil aircraft are expected to soften the blow. Brazil took the first formal step Wednesday at the World Trade Organization to begin dispute proceedings against the tariffs, government sources told AFP. Come Thursday, a new wave of tariffs impacting dozens of other economies, from the European Union to Taiwan, is set to kick in. These updated "reciprocal" tariffs, meant to address trade practices Washington deems unfair, go up to 41 percent for Syria. Major US trading partners face varying increases from a current 10-percent level, starting at 15 percent for economies like the EU, Japan and South Korea. Countries not targeted by these "reciprocal" tariff hikes continue facing a 10-percent levy Trump imposed in April. Trump's plans have sparked a rush to avert the steeper duties, with Switzerland's President Karin Keller-Sutter hurrying to Washington ahead of the Thursday deadline. Though she secured a meeting with Secretary of State Marco Rubio, it was unclear if she would meet Trump or any top economic officials. Her Alpine country faces a 39-percent duty on many exports. While Switzerland's key pharmaceutical sector has been spared for now, Trump has said a potential separate tariff could eventually rise to 250 percent. Some of Trump's sweeping tariffs face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the Supreme Court.
Daily Telegraph
6 hours ago
- Daily Telegraph
New Zealand's horror unemployment surge – as Kiwis ‘vote with their feet'
Don't miss out on the headlines from World. Followed categories will be added to My News. Unemployment across the ditch has reached 5.2 per cent as New Zealand businesses cut jobs because of the country's faltering economy. The current jobless rate in New Zealand is the highest it's been in almost five years, with 158,000 people unemployed in the June quarter. Wage growth has also slowed to 2.4 per cent, down from 4.3 per cent in the June 2024 quarter, according to Wednesday's figures from Statistics New Zealand. The numbers paint a grim economic picture for Kiwis and suggest more of them will look for better opportunities and higher pay in Australia. There was a net migration loss from New Zealand to Australia of 30,000 people last year – the biggest loss since 2012, and a trend that looks set to continue. Never miss the latest wealth and culture news from Australia and around the world — download the app direct to your phone. New Zealand's Finance Minister Nicola Willis said she expected the jobless figure to improve. Picture:Those migrants will likely contribute to upward pressure on Aussie house prices, while the housing market in New Zealand continues to decline. New Zealand is no longer in a recession, having recorded consecutive increases in GDP over the past two quarters, but it is still dealing with the aftershocks of the pandemic and uncertainty brought about by US President Donald Trump's tariffs. Wednesday's jobless figures will likely support another 25 basis point cut to New Zealand's official cash rate later this month, bringing it down to 3 per cent, compared with Australia's 3.85 per cent. New Zealand Finance Minister Nicola Willis said the numbers were better than forecast and she expected unemployment to come down later this year, amid $6 billion in public infrastructure investment and a new fast-track approvals process for developments. 'Now, that is not to say that we are satisfied with this rate of unemployment,' Ms Willis told reporters on Wednesday. Labour lashed out at National's Christopher Luxon over the unemployment rise, calling him 'out of touch'. Picture:'We are concerned for every New Zealander who wants a job and can't get one, and that is why we have worked so hard since coming to office to rebuild this economy. '...We have a $10 billion deficit this year, which we are forecasting will increase next year. That's because we believe it is not the right time to stop spending on health, on education, on the police. 'At the same time, we have set out a four-year plan to get the books back in balance because every New Zealander knows, you can't borrow forever.' BNZ chief economist Mike Jones described the Kiwi job market as 'really tough'. 'There are more people looking for work, or looking for extra work than there are opportunities available,' Mr Jones told NZTV's Breakfast program. He thought rising unemployment was related to last year's recession and described the country's economic recovery as 'stop-start'. 'Firms haven't felt confident in the economic environment to get going, hiring again,' he said. 'I think for the improvement that we'd all like to see in the labour market, we are looking at a picture that is probably sliding into next year.' Labour lashed out at National's Christopher Luxon over the unemployment rise, calling him 'out of touch.' 'While thousands of people are out of work and struggling to pay the bills, Luxon is looking after property speculators and fossil fuel companies,' Labour's finance spokesperson Barbara Edmonds said. She added Kiwis were 'voting with their feet' and moving to Australia to find work. Originally published as Kiwis 'vote with their feet' as unemployment surges in New Zealand
AU Financial Review
7 hours ago
- AU Financial Review
AI agent boom powers two-year-old Sydney start-up to $200m valuation
Lorikeet, a two-year-old Sydney start-up that is making waves globally in the red-hot artificial intelligence agent market, has doubled its valuation since February in a $54 million funding round that values it at more than $200 million. Canva founders Melanie Perkins and Cliff Obrecht were among the investors in the latest round, which was led by US-based firm QED Investors. Venture capital groups Blackbird Ventures and Square Peg Capital also participated, as well as the founders of Australian fintech Airwallex.
