Australia news LIVE: Burke vows to protect Australians from Middle East tension; Trump to hike tariffs on India amid Russia links
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6.47am
Trump to hike tariffs on India for buying Russian oil
By Michael Koziol
US President Donald Trump says he will hike tariffs on India from their already-high level of 25 per cent due to the country's ongoing purchases of Russian oil amid the war against Ukraine.
In a sign of the strained relations between the two countries, India quickly branded Trump's move 'unjustified and unreasonable', and said it would take all necessary measures to safeguard its economic security.
The threat, which has not yet been acted on, underlines Trump's preference for using tariffs for geopolitical leverage, and comes as his deadline looms for commitments from Russia's Vladimir Putin on ending the war, which has now raged for three-and-a-half years.
There have been mixed reports about India's intentions over the past week as the US stepped up pressure on the world's most populous nation to back away from its reliance on Russian crude oil, which now accounts for about a third of India's supplies.
6.44am
Tesla grants Musk $46 billion stock award
Tesla approved an interim stock award worth about $US30 billion ($46 billion) for chief executive officer Elon Musk, a massive payout meant to keep the billionaire's attention on the automaker as a legal fight over a 2018 pay package drags on.
The new agreement includes 96 million shares of the automaker that will vest if Musk continues to serve in the top post for another two years, the company said in a regulatory filing. The restricted stock has an exercise price of $US23.34, equal to the price in the prior compensation plan.
The move underscores Musk's grip on the company, even as it struggles with falling electric vehicle sales and a slumping stock price. The world's richest person has said he wants a greater stake in Tesla as he reorients it around futuristic pursuits including artificial intelligence and driverless vehicles.
6.39am
What's making news today
By Daniel Lo Surdo
Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning.
Here's what is making news today:
Home Affairs Minister Tony Burke has vowed to protect Australians from the 'tinderbox' of tension stemming from debate about the Middle East, saying he was blocking visas for potentially divisive visitors at an unprecedented rate. In an interview with this masthead, Burke said he 'did not care' if he was accused of stymying debate about controversial issues in favour of protecting social cohesion.
US President Donald Trump says he will hike tariffs on India from their already-high level of 25 per cent due to the country's ongoing purchases of Russian oil amid the war against Ukraine. India quickly branded Trump's move, a threat that has not yet been acted on, 'unjustified and unreasonable', and said it would take all necessary measures to safeguard its economic security.
The Australian sharemarket is set to grow on Tuesday, after Wall Street recovered much of the sharp losses incurred following Trump's latest tariff announcement last week. Trump has been critical of the US Federal Reserve, which has kept interest rates unchanged amid concerns about the impact of Trump's tariff agenda on prices for American households.
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James Paterson says Labor must realise it has 'no mandate for tax increases' ahead of reform round table
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