Trump's ‘new normal' is good news for Middle East and house prices
The one-sided 12-day war appears to now be over, notwithstanding evidence of a continued campaign of Israeli assassinations of high-value targets across Tehran.
The clear catalyst was decisive action by US President Donald Trump to both 'obliterate' key Iranian nuclear facilities and then miraculously extract a ceasefire from the two mortal enemies almost immediately thereafter.
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Perth Now
an hour ago
- Perth Now
Beijing deal will expedite rare earth exports, says US
The United States has reached an agreement with China on how to expedite rare earth shipments to the US, a White House official said, amid efforts to end a trade war between the world's biggest economies. President Donald Trump earlier said the United States had signed a deal with China on Wednesday, without providing additional details, and that there might be a separate deal coming up that would "open up" India. During US-China trade talks in May in Geneva, Beijing committed to removing non-tariff countermeasures imposed against the United States since April 2, although it was unclear how some of those measures would be walked back. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. "The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement," a White House official said on Thursday. The understanding is "about how we can implement expediting rare earths shipments to the US again", the official said. A separate administration official said the US-China agreement took place earlier this week. US Commerce Secretary Howard Lutnick was quoted as saying by Bloomberg: "They're going to deliver rare earths to us" and once they do that "we'll take down our countermeasures." On Friday, China's commerce ministry said the two countries recently confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. While the agreement shows potential progress following months of trade uncertainty and disruption since Trump took office in January, it also underscores the long road ahead to a final, definitive trade deal between the two economic rivals. China has been taking its dual-use restrictions on rare earths "very seriously" and has been vetting buyers to ensure that materials are not diverted to US military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal had faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. In early June, Reuters reported China had granted temporary export licences to rare-earth suppliers of the top three US automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface from export curbs on those materials. Later in the month, Trump said there was a deal with China in which Beijing would supply magnets and rare earth minerals while the US would allow Chinese students in its colleges and universities.
ABC News
an hour ago
- ABC News
Planet America: Weekend Edition (Friday 27/6/2025)
Planet America NEW EPISODE Politics Talk & Interview Thought-Provoking Watch Article share options Share this on Facebook Twitter Send this by Email Copy link WhatsApp Messenger Coming to you from the Situation Room, John Barron and Chas Licciardello cut through the spin as they discuss the people, policies and politics from the week in Donald Trump's second term in the White House.
The Advertiser
an hour ago
- The Advertiser
PM urged to hedge bets by boosting defence spending
Anthony Albanese is digging his heels in on lifting defence spending as the US heaps more pressure on its allies to increase their share. NATO members agreed to spend five per cent of their economic output on defence and security, after calls by US President Donald Trump. The boost has led to more pressure on Washington's Indo-Pacific allies to do the same, with White House press secretary Karoline Leavitt saying countries such as Australia should follow suit. "If our allies in Europe and our NATO allies can do that, I think our allies and our friends in the Asia-Pacific region can do it as well," she said. Analyst Andrew Carr said defence spending was a "hedge against a potential future" that could result in money being wasted or a nation harmed without the extra resources during wartime. "Given where we are now in the kind of worsening strategic environment, including in our region, there's probably a good reason for increasing spending faster even than it was proposed in 2023," the ANU Strategic and Defence Studies Centre senior lecturer said. The defence strategic review, released two years ago, found more funding will be required and must match the strategic circumstances Australia faces. Dr Carr said Australia had made a significant investment over the past 14 years in defence that amounted to a "near doubling" of spending in real terms. NATO nations will be expected to spend 3.5 per cent of their gross domestic product on core defence and a further 1.5 per cent on broader security. This includes adapting infrastructure for military use and protecting energy sources. Australia's defence spending is set to rise from two per cent of GDP now to 2.3 per cent by 2033/34. Appearing frustrated by repeated questions on whether Australia should increase its defence budget, the prime minster said the plan - which was taken to the federal election - will be followed through. "What we're doing is making sure that Australia has the capability that we need. That's what we're investing in," he told reporters in Sydney on Friday. "We've increased it by $57 billion over the medium term and by more than $10 billion in the short term as well." Spain objected to the spending pledge and flagged it did not intend to meet the five per cent target. Mr Trump warned the European nation its exports could be slapped with fresh tariffs by the US if it did no commit to the alliance's commitment on defence spending. Asked if he was concerned Australia could face a similar threat from the US president, Mr Albanese played down the prospect. "I'm not going to comment on things between Spain and the United States. What my job is is to look after Australia's national interest, that includes our defence and security interests," he said. Foreign Minister Penny Wong is preparing to fly to the US for talks with US Secretary of State Marco Rubio. The meeting with Mr Rubio will be part of discussions between the foreign ministers of Quad alliance nations, which includes Japan and India. Quad foreign ministers previously met in January, with the alliance focusing on issues in the Indo-Pacific. Opposition defence spokesman Angus Taylor said boosting spending levels was not about doing what the US wanted. "This is not about being bullied," he said. "This is about being doing the right thing for our great country, and that's what we want to see." Anthony Albanese is digging his heels in on lifting defence spending as the US heaps more pressure on its allies to increase their share. NATO members agreed to spend five per cent of their economic output on defence and security, after calls by US President Donald Trump. The boost has led to more pressure on Washington's Indo-Pacific allies to do the same, with White House press secretary Karoline Leavitt saying countries such as Australia should follow suit. "If our allies in Europe and our NATO allies can do that, I think our allies and our friends in the Asia-Pacific region can do it as well," she said. Analyst Andrew Carr said defence spending was a "hedge against a potential future" that could result in money being wasted or a nation harmed without the extra resources during wartime. "Given where we are now in the kind of worsening strategic environment, including in our region, there's probably a good reason for increasing spending faster even than it was proposed in 2023," the ANU Strategic and Defence Studies Centre senior lecturer said. The defence strategic review, released two years ago, found more funding will be required and must match the strategic circumstances Australia faces. Dr Carr said Australia had made a significant investment over the past 14 years in defence that amounted to a "near doubling" of spending in real terms. NATO nations will be expected to spend 3.5 per cent of their gross domestic product on core defence and a further 1.5 per cent on broader security. This includes adapting infrastructure for military use and protecting energy sources. Australia's defence spending is set to rise from two per cent of GDP now to 2.3 per cent by 2033/34. Appearing frustrated by repeated questions on whether Australia should increase its defence budget, the prime minster said the plan - which was taken to the federal election - will be followed through. "What we're doing is making sure that Australia has the capability that we need. That's what we're investing in," he told reporters in Sydney on Friday. "We've increased it by $57 billion over the medium term and by more than $10 billion in the short term as well." Spain objected to the spending pledge and flagged it did not intend to meet the five per cent target. Mr Trump warned the European nation its exports could be slapped with fresh tariffs by the US if it did no commit to the alliance's commitment on defence spending. Asked if he was concerned Australia could face a similar threat from the US president, Mr Albanese played down the prospect. "I'm not going to comment on things between Spain and the United States. What my job is is to look after Australia's national interest, that includes our defence and security interests," he said. Foreign Minister Penny Wong is preparing to fly to the US for talks with US Secretary of State Marco Rubio. The meeting with Mr Rubio will be part of discussions between the foreign ministers of Quad alliance nations, which includes Japan and India. Quad foreign ministers previously met in January, with the alliance focusing on issues in the Indo-Pacific. Opposition defence spokesman Angus Taylor said boosting spending levels was not about doing what the US wanted. "This is not about being bullied," he said. "This is about being doing the right thing for our great country, and that's what we want to see." Anthony Albanese is digging his heels in on lifting defence spending as the US heaps more pressure on its allies to increase their share. NATO members agreed to spend five per cent of their economic output on defence and security, after calls by US President Donald Trump. The boost has led to more pressure on Washington's Indo-Pacific allies to do the same, with White House press secretary Karoline Leavitt saying countries such as Australia should follow suit. "If our allies in Europe and our NATO allies can do that, I think our allies and our friends in the Asia-Pacific region can do it as well," she said. Analyst Andrew Carr said defence spending was a "hedge against a potential future" that could result in money being wasted or a nation harmed without the extra resources during wartime. "Given where we are now in the kind of worsening strategic environment, including in our region, there's probably a good reason for increasing spending faster even than it was proposed in 2023," the ANU Strategic and Defence Studies Centre senior lecturer said. The defence strategic review, released two years ago, found more funding will be required and must match the strategic circumstances Australia faces. Dr Carr said Australia had made a significant investment over the past 14 years in defence that amounted to a "near doubling" of spending in real terms. NATO nations will be expected to spend 3.5 per cent of their gross domestic product on core defence and a further 1.5 per cent on broader security. This includes adapting infrastructure for military use and protecting energy sources. Australia's defence spending is set to rise from two per cent of GDP now to 2.3 per cent by 2033/34. Appearing frustrated by repeated questions on whether Australia should increase its defence budget, the prime minster said the plan - which was taken to the federal election - will be followed through. "What we're doing is making sure that Australia has the capability that we need. That's what we're investing in," he told reporters in Sydney on Friday. "We've increased it by $57 billion over the medium term and by more than $10 billion in the short term as well." Spain objected to the spending pledge and flagged it did not intend to meet the five per cent target. Mr Trump warned the European nation its exports could be slapped with fresh tariffs by the US if it did no commit to the alliance's commitment on defence spending. Asked if he was concerned Australia could face a similar threat from the US president, Mr Albanese played down the prospect. "I'm not going to comment on things between Spain and the United States. What my job is is to look after Australia's national interest, that includes our defence and security interests," he said. Foreign Minister Penny Wong is preparing to fly to the US for talks with US Secretary of State Marco Rubio. The meeting with Mr Rubio will be part of discussions between the foreign ministers of Quad alliance nations, which includes Japan and India. Quad foreign ministers previously met in January, with the alliance focusing on issues in the Indo-Pacific. Opposition defence spokesman Angus Taylor said boosting spending levels was not about doing what the US wanted. "This is not about being bullied," he said. "This is about being doing the right thing for our great country, and that's what we want to see." Anthony Albanese is digging his heels in on lifting defence spending as the US heaps more pressure on its allies to increase their share. NATO members agreed to spend five per cent of their economic output on defence and security, after calls by US President Donald Trump. The boost has led to more pressure on Washington's Indo-Pacific allies to do the same, with White House press secretary Karoline Leavitt saying countries such as Australia should follow suit. "If our allies in Europe and our NATO allies can do that, I think our allies and our friends in the Asia-Pacific region can do it as well," she said. Analyst Andrew Carr said defence spending was a "hedge against a potential future" that could result in money being wasted or a nation harmed without the extra resources during wartime. "Given where we are now in the kind of worsening strategic environment, including in our region, there's probably a good reason for increasing spending faster even than it was proposed in 2023," the ANU Strategic and Defence Studies Centre senior lecturer said. The defence strategic review, released two years ago, found more funding will be required and must match the strategic circumstances Australia faces. Dr Carr said Australia had made a significant investment over the past 14 years in defence that amounted to a "near doubling" of spending in real terms. NATO nations will be expected to spend 3.5 per cent of their gross domestic product on core defence and a further 1.5 per cent on broader security. This includes adapting infrastructure for military use and protecting energy sources. Australia's defence spending is set to rise from two per cent of GDP now to 2.3 per cent by 2033/34. Appearing frustrated by repeated questions on whether Australia should increase its defence budget, the prime minster said the plan - which was taken to the federal election - will be followed through. "What we're doing is making sure that Australia has the capability that we need. That's what we're investing in," he told reporters in Sydney on Friday. "We've increased it by $57 billion over the medium term and by more than $10 billion in the short term as well." Spain objected to the spending pledge and flagged it did not intend to meet the five per cent target. Mr Trump warned the European nation its exports could be slapped with fresh tariffs by the US if it did no commit to the alliance's commitment on defence spending. Asked if he was concerned Australia could face a similar threat from the US president, Mr Albanese played down the prospect. "I'm not going to comment on things between Spain and the United States. What my job is is to look after Australia's national interest, that includes our defence and security interests," he said. Foreign Minister Penny Wong is preparing to fly to the US for talks with US Secretary of State Marco Rubio. The meeting with Mr Rubio will be part of discussions between the foreign ministers of Quad alliance nations, which includes Japan and India. Quad foreign ministers previously met in January, with the alliance focusing on issues in the Indo-Pacific. Opposition defence spokesman Angus Taylor said boosting spending levels was not about doing what the US wanted. "This is not about being bullied," he said. "This is about being doing the right thing for our great country, and that's what we want to see."
