US court blocks tariffs; Nvidia's jobs threat; Rich List's top 10
Want to get this in your inbox at lunchtime every weekday? Financial Review subscribers can sign up for The Brief newsletter here. Plus start your day with our Before the Bell newsletter and read a full wrap of the day's news in Market Wrap.
In today's news, a US court strikes down Donald Trump's tariffs, Nvidia is banking on a big shift in artificial intelligence that could threaten your job, and we reveal Australia's top 10 richest people.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Perth Now
30 minutes ago
- Perth Now
Australia seeks 'best deal' after UK tariff carve-out
Australia is hoping to follow in an ally's footsteps after Donald Trump granted a single exemption to his supercharged tariffs. The US president revealed he will double to 50 per cent tariffs on steel and aluminium imports on every trading partner except the UK, which will remain subject to the original 25 per cent rate after striking a deal with his administration. As Prime Minister Anthony Albanese prepares to hold a potential in-person meeting with Mr Trump, the announcement offers a glimmer of hope. But Treasurer Jim Chalmers said Australia could not take any outcomes for granted. "We've made it very clear what we think about those tariffs," he told reporters in Canberra on Wednesday. "We will continue to engage, as the friends in the UK have - and most countries have - trying to get the best deal that we can for our people and for our industries." Mr Albanese has repeatedly called the US tariffs "an act of economic self-harm" and may try negotiate an exemption on the sidelines of the G7 conference or in the US during a June trip to North America. His trade minister Don Farrell has already begun making inroads with the US administration, meeting with his American counterpart Jamieson Greer in Paris. Opposition Leader Sussan Ley said the coalition was ready to work with Labor to ensure Australia could also secure a tariff carve out. "President Trump's tariffs on our steelmakers are not in the spirit of our century-old partnership and we urge the Americans to give Australia a fair go and remove them," Ms Ley said. "The coalition wants the government to succeed here because that is in our national interest." The statement represents a clear departure from the rhetoric of previous opposition leader Peter Dutton, who claimed a coalition government would be able to lock in a tariff exemption even though no country at the time had managed to do so. Mr Trump's 50 per cent steel and aluminium tariff has come into effect as Australia grapples with the 10 per cent baseline "Liberation Day" levies announced in April. The prime minister has already had three "really constructive" discussions with Mr Trump and said Australia wanted to support free trade between the two countries.
Herald Sun
33 minutes ago
- Herald Sun
US steel, aluminum tariff hikes to take effect Wednesday: W.House
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. The United States will double its tariffs on imported steel and aluminum starting Wednesday, according to the White House, as it published an order signed by President Donald Trump. The move marks a latest salvo in Trump's trade wars, bringing levies on both metals from 25 percent to 50 percent. But tariffs on metal imports from the UK will remain at the 25 percent rate, while both sides work out duties and quotas in line with the terms of their earlier trade pact. Overall, the aim is to "more effectively counter foreign countries that continue to offload low-priced, excess steel and aluminum in the United States," according to the order, which added that these undercut the competitiveness of US industries. "Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles," the order added. Trump announced his decision to hike tariffs on steel and aluminum when he addressed workers at a US Steel plant in Pennsylvania last week. "Nobody is going to be able to steal your industry," he said at the time. "At 25 percent, they can sort of get over that fence. At 50 percent, they can no longer get over the fence," he added. The move, however, fans tensions with key US trading partners. The European Union warned over the weekend that it was prepared to retaliate against levies. It said that the sudden announcement "undermines ongoing efforts to reach a negotiated solution" between the bloc and the United States. Already, Washington is in talks with various countries after Trump imposed sweeping 10 percent tariffs on almost all partners in April and announced even higher rates for dozens of economies. While the steeper levels have been paused during ongoing negotiations, this halt expires in early July -- adding to urgency to reach trade deals. Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have shaken financial markets. He has also imposed tariffs on sector-specific imports like autos, apart from targeting steel and aluminum. Mexico will request an exemption from the higher tariff, Economy Minister Marcelo Ebrard said, arguing that it is unfair because the United States exports more steel to Mexico than it imports. "It makes no sense to put a tariff on a product in which you have a surplus," Ebrard said. Mexico is highly vulnerable to Trump's trade wars because 80 percent of its exports go to the United States, its main trading partner. bys/dw/sla Originally published as US steel, aluminum tariff hikes to take effect Wednesday:
West Australian
36 minutes ago
- West Australian
Australia seeks 'best deal' after UK tariff carve-out
Australia is hoping to follow in an ally's footsteps after Donald Trump granted a single exemption to his supercharged tariffs. The US president revealed he will double to 50 per cent tariffs on steel and aluminium imports on every trading partner except the UK, which will remain subject to the original 25 per cent rate after striking a deal with his administration. As Prime Minister Anthony Albanese prepares to hold a potential in-person meeting with Mr Trump, the announcement offers a glimmer of hope. But Treasurer Jim Chalmers said Australia could not take any outcomes for granted. "We've made it very clear what we think about those tariffs," he told reporters in Canberra on Wednesday. "We will continue to engage, as the friends in the UK have - and most countries have - trying to get the best deal that we can for our people and for our industries." Mr Albanese has repeatedly called the US tariffs "an act of economic self-harm" and may try negotiate an exemption on the sidelines of the G7 conference or in the US during a June trip to North America. His trade minister Don Farrell has already begun making inroads with the US administration, meeting with his American counterpart Jamieson Greer in Paris. Opposition Leader Sussan Ley said the coalition was ready to work with Labor to ensure Australia could also secure a tariff carve out. "President Trump's tariffs on our steelmakers are not in the spirit of our century-old partnership and we urge the Americans to give Australia a fair go and remove them," Ms Ley said. "The coalition wants the government to succeed here because that is in our national interest." The statement represents a clear departure from the rhetoric of previous opposition leader Peter Dutton, who claimed a coalition government would be able to lock in a tariff exemption even though no country at the time had managed to do so. Mr Trump's 50 per cent steel and aluminium tariff has come into effect as Australia grapples with the 10 per cent baseline "Liberation Day" levies announced in April. The prime minister has already had three "really constructive" discussions with Mr Trump and said Australia wanted to support free trade between the two countries.
