Cettire shares dive after Trump expands duties on cheap imports
Trump's executive order on Thursday means that shipments worth under $US800 ($1240) will be subject to duties on importation into the United States, regardless of manufacturing origin. Shipments to the United States represent about 40 per cent of Cettire's gross revenues.
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News.com.au
an hour ago
- News.com.au
Australian critical minerals key to Trump's goals, Kevin Rudd says
Australia is key to Donald Trump's goals of weaning the US off cheap Chinese critical minerals, Australia's envoy in Washington says. Critical minerals are just that – minerals, such as lithium, vital for manufacturing advanced technologies, from smartphones and cars to wind turbines and defence systems. Currently, China dominates the space, but Australia has emerged as a challenger, ruffling some feathers in Beijing. Because of their importance to modern tech, Western countries are increasingly viewing critical minerals as a matter of national security and scrambling to bolster sovereign stockpiles and production. In an interview overnight, Australian Ambassador to the US Kevin Rudd said that Xi Jinping's 'ideology' on China's long-term economic development was 'to ensure that the world is dependent on China while China is not dependent on the world'. 'And that in a nutshell is what we see across the whole breadth of industrial policy, from semiconductors through to critical minerals and rare earths,' the former prime minister told the Center for Strategic and International Studies. Boasting mineral reserves that 'more or less equals the periodic table' and an advanced mining sector, Mr Rudd said Australia was well-placed to help break the dependence on China. 'Geology has been kind to us,' he said, adding that Australia is 'an ancient continent'. 'We have the best mining companies in the world and the biggest mining companies in the world, some of whom have just been meeting with President Trump here in Washington, DC., as well as a whole depth of technical expertise represented in the research faculties of our major universities. 'So put together the geology … put together our processing capacity … and put together the depth and breadth of our mining expertise, I think we're well-placed to assist in diversifying the supply chains, creating resilient supply chains, and helping the United States, under President Trump's leadership, meet his requirements for a resilient America when it comes to critical minerals and rare earths.' Australia's emergence as a competitor in the sector has not gone down well in Beijing. Despite the Chinese President's warm words to Anthony Albanese in July about fair and open trade, his government's actions have made clear that extends to Australian lobsters rather than Australian minerals. Since 2022, Australia's leading producer Lynas Rare Earths has been subjected to a relentless Chinese disinformation campaign targeting its operations both within Australia and abroad. It has not deterred efforts to grow Australia's presence, driven in large part by the defence industry. Mr Rudd said critical minerals should be viewed as 'defence goods', pointing to the tons used in the nuclear-powered submarines Australia is set to get under AUKUS. He said the American-made Virginia-class 'contains within it something like 4.5 tons of critical minerals, rare earths, highly processed'. 'You go to an F-35, you're looking at a high proportion of the actual aircraft itself being derivative of advanced process to rare earth,' he continued. 'So whether we like it or not, the reality is the sharpest edges of what we do in the military hang off the availability of critical minerals in rare earths supply, as well as processed critical minerals in rare earths, as well as critical ... derivatives, such as magnets. 'So I think what President Trump is seeking to do … is trying to find how this now plays into a secure supply chain the United States. 'And as a US ally, we are ready and able to help, and we have the capacity to do so.'
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
‘Must resign now': Trump pushes Fed governor to quit after fraud allegations
President Donald Trump called on Federal Reserve governor Lisa Cook to resign after a staunch ally called for an investigation of the board member's mortgages, intensifying his campaign on the central bank. Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden. Trump said Wednesday that Cook 'must resign now,' citing Pulte's allegations, while the FHFA head posted on social media that the accusations give Trump 'cause to fire' her. The dollar declined, yields pared losses and gold rose after Trump's call for Cook's ouster. Pulte wrote a letter to Bondi and Justice Department official Ed Martin on August 15 suggesting that Cook may have committed a criminal offence. The letter, which was first reported by Bloomberg News, alleges that Cook 'falsified bank documents and property records to acquire more favourable loan terms, potentially committing mortgage fraud under the criminal statute.' The Justice Department has received the letter, according to an official, who declined to elaborate further. A resignation would create another opening for Trump to fill on the Fed board, potentially tipping the balance of Republican appointees to four of its seven members. The president has explicitly said that he'll only pick a successor to Fed Chair Jerome Powell who agrees that borrowing costs should come down, a demand that has already raised questions about whether a new chair can credibly preserve the bank's independence. Loading Trump's administration has also pursued mortgage fraud allegations against high-profile Democrats, including California Senator Adam Schiff and New York Attorney General Letitia James. Both are longtime political foes of Trump. The Cook referral expands that effort to the Fed, as Trump allies — including Pulte — press the US central bank to lower rates and Powell to resign before his term as chair expires in May.
The Age
3 hours ago
- The Age
‘Must resign now': Trump pushes Fed governor to quit after fraud allegations
President Donald Trump called on Federal Reserve governor Lisa Cook to resign after a staunch ally called for an investigation of the board member's mortgages, intensifying his campaign on the central bank. Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden. Trump said Wednesday that Cook 'must resign now,' citing Pulte's allegations, while the FHFA head posted on social media that the accusations give Trump 'cause to fire' her. The dollar declined, yields pared losses and gold rose after Trump's call for Cook's ouster. Pulte wrote a letter to Bondi and Justice Department official Ed Martin on August 15 suggesting that Cook may have committed a criminal offence. The letter, which was first reported by Bloomberg News, alleges that Cook 'falsified bank documents and property records to acquire more favourable loan terms, potentially committing mortgage fraud under the criminal statute.' The Justice Department has received the letter, according to an official, who declined to elaborate further. A resignation would create another opening for Trump to fill on the Fed board, potentially tipping the balance of Republican appointees to four of its seven members. The president has explicitly said that he'll only pick a successor to Fed Chair Jerome Powell who agrees that borrowing costs should come down, a demand that has already raised questions about whether a new chair can credibly preserve the bank's independence. Loading Trump's administration has also pursued mortgage fraud allegations against high-profile Democrats, including California Senator Adam Schiff and New York Attorney General Letitia James. Both are longtime political foes of Trump. The Cook referral expands that effort to the Fed, as Trump allies — including Pulte — press the US central bank to lower rates and Powell to resign before his term as chair expires in May.
