‘This is Biden's war': Trump weighs in on Russia-Ukraine conflict
'You have to understand very importantly, this is Biden's war, this is not my war,' Mr Trump told the press.
'I'm here to get us out of it; it's a mess, and I'm here to get us out.
'I stopped five wars in the past five months actually.'
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ABC News
a few seconds ago
- ABC News
Donald Trump says he wants to stop Vladimir Putin's 'war machine' but his sanctions–tariffs combo could backfire
Donald Trump is searching for a way to end the bloodshed in Ukraine and the US president's latest plan involves combining two of his favourite punishments: more sanctions, more tariffs. This time, it's where they're going — far from the front lines — that's important. And some analysts are warning it could backfire. After weeks of bluster, things got real on Wednesday with an executive order for an additional 25 per cent levies on all US imports from India. Combined with the 25 per cent "reciprocal" tariff announced last week, it becomes a 50 per cent tariff on a country Trump said was fuelling the "war machine" by buying billions of dollars of Russian oil. The White House has flagged more announcements in the coming days. Trump is trying to dig an economic hole around Moscow so big it forces his counterpart there, Vladimir Putin, back to the negotiating table. It's a simple strategy. Measures designed to hurt Russia's finances that have been in place for years will effectively be expanded to include those who line the Kremlin's pockets. India and China have already been singled out for what's known as secondary sanctions. Combined with new tariffs, like those announced on Wednesday, the US could end up being the one that pays the price. Russia has already been subjected to a multitude of penalties imposed by Western governments, including Australia, and their allies, before and after its full-scale invasion of Ukraine. Moscow's banks are blocked from accessing global financial markets. Oligarchs' assets abroad are frozen. Many countries have shunned trade. All this was designed to stop Putin's ability to fund his military. And yet, more than three years later, it continues to fight. It's become clear that ending the war will take something more. That's where the US president's new plan comes in. India's external affairs ministry released a statement on Wednesday calling the extra tariffs "extremely unfortunate" and warning the country would "take all actions necessary to protect its national interests". Michael O'Kane is a senior partner at London's Peters&Peters law firm and the co-founder of the Global Sanctions website, which tracks the latest developments in this space. He's sceptical about the effectiveness of secondary sanctions, because the West "continually underestimates Russia's ability to pivot and evade any new measures that are being put in place". "And I don't see any reason why that isn't going to continue." One of the main ways the Kremlin does this is by exporting its oil via a so-called "shadow fleet" of ships. It's estimated this force comprises around 1,400 aging tankers that supply a black market of exports and evade the West's naval net with flags of convenience and convoluted ownership structures. "We now have an under-the-radar network of vessels, agents and brokers who are engaged in this activity," O'Kane says. "The two main buyers are India and China, and they are hugely complex, enormous economies where there's a great deal of difficulty in putting some kind of stranglehold on them." Trump's sanctions/tariffs combination will have different repercussions for China, India and Russia, but experts say the US will be affected too. India's new 25 per cent levies are set to begin in 21 days, while previously announced 25 per cent tariffs will come into effect on Thursday. It means by the end of the month, New Delhi will face some of the highest levies on exports of all the US's trading partners. "With such obnoxious tariff rates, trade between the two nations would be practically dead," Madhavi Arora, an economist at Emkay Global, told the Reuters news agency. While that will hurt India more than the US, slapping new taxes on an important strategic partner could cause significant geopolitical consequences for Washington. "The United States security competition with China in the South China Sea and down into the Indian Ocean is a matter of significant concern to the White House," O'Kane says. "They need to have formidable allies. That's why we've seen this AUKUS arrangement being set up, it's all with the view of being able to contain China from a security perspective. "India plays an important role too, and it would seem to me as though taking action against India at this stage could undermine this effort." While India has begun to learn its fate, new US tariffs and secondary sanctions on China — a superpower with which it is currently locked in trade negotiations — haven't yet been revealed Beijing also welcomes Russia's oil, and immunity from Trump's wrath appears unlikely. Dr Patricia M Kim is a fellow at the Brookings Institution's Centre for Asia Policy Studies and John L Thornton China Centre. "It's hard to imagine Beijing would publicly side with Washington against Moscow or appear to bow to American pressure by cutting purchases of Russian oil," she says, adding any new tariffs announced by the White House would have consequences for Beijing and "deal a blow to Chian's export-driven sectors, especially those heavily reliant on the US market". "But it would hurt the US as well." Unlike its trade relationship with India, the US imports masses of cheap electronics and consumer goods from China's manufacturing hubs — all of which could become a lot more expensive for Americans already complaining about the cost of living. It also relies on rare earths from China, which accounts for almost 70 per cent of global production, to build things like planes, missiles and cars. Earlier this year, the US got a taste of how Beijing reacts to being targeted, when a suite of new tariffs were met with swift reciprocal measures. The world's two largest economies got into the ring, and while they've temporarily stopped throwing punches, the White House has hinted this week it may start again. Trump's new plan to try and put pressure on Russia may seem straightforward, but it could pave the way for a new reality after the guns fall silent in Ukraine, and some will find it frightening. Russia exploiting its new, lucrative black market. India cosying up to the Kremlin. And a disrespected China searching for new ways to punish a country that can't do without its wares.
AU Financial Review
an hour ago
- AU Financial Review
Before the Bell: ASX to fall, Apple leaps, oil slides
Australian shares are set to rise. Wall Street advanced helped by a near 6 per cent surge in Apple on reports its eased tensions with the Trump administration. The White House said the iPhone maker will commit to investing an additional $US100 billion into its US business. In addition, there were reports iPhones will avert new tariffs on imports from India. Apple was 5.8 per cent higher near 2.55pm, lifting its market cap back above the $US3 trillion mark. President Donald Trump said he's going to increase tariffs on India to 50 per cent, from 25 per cent because India refuses to stop buying oil from Russia. India says it needs the oil for its national security. Market highlights ASX 200 futures are pointing down 32 points or 0.4 per cent to 8774. All US prices near 2.55pm New York time. Today's agenda AMP and Light & Wonder are set to report results on Thursday. The June trade balance is scheduled for 11.30am. Across the Tasman, the RBNZ's third-quarter Survey of Expectations will be most closely followed for its inflation expectations components. Overseas, the Bank of England is widely expected to cut its key rate by 25 basis points. China is set to release its July trade balance. Top stories ASX under fire after 'ridiculous' $400m TPG mix-up | A major investor has slammed the 'continuing saga' within the exchange operator after it confused the telco with a private equity firm. | A spokesperson for India's Ministry of External Affairs called the US president's announcement 'unfair, unjustified and unreasonable'. | Mining unions leapt on the proposal as a reason workers should organise, but Rio Tinto says long sick leave puts pressure on those who stay on the job.
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.
