What is Trump's net worth? Here's what we know and can't know
Along with the value of the $TRUMP coins that the president holds, he benefits from transaction fees every time the meme coin is traded. To date, these fees have totalled at least $US320 million, which the Trump family shares with its business partners, said Chainalysis, a crypto analytics firm.
World Liberty Financial
The president's headfirst dive into the crypto industry has been highly lucrative – and not just because of his meme coin. The crypto firm that he helped start during last year's presidential campaign, World Liberty Financial, has also generated a significant sum from the sale of its own digital tokens, known as WLFI.
A business owned by the Trump family is entitled to 75 per cent of the revenue from token sales, after a $US30 million threshold is reached and expenses are deducted. World Liberty said in March that it had sold $US550 million in tokens, and then reported subsequent sales of $US25 million and $US100 million. The sales probably netted more – possibly much more – than $US300 million for the Trump family, though the president's precise earnings will not be known until he files his next annual financial report.
Loading
Trump also controls his own stash of more than 15 billion World Liberty tokens, his most recent disclosure shows. The tokens are not tradable, making it difficult to estimate their value. For now, owning them simply allows holders to vote on some of World Liberty Financial's business decisions.
But data collected by crypto forensics firm Nansen shows some of the tokens were originally sold at US1.5¢ apiece – consistent with pricing information that World Liberty circulated to investors last year.
That would put the value of Trump's holdings at about $US236 million.
It's possible that World Liberty will eventually allow the tokens to be traded, which could cause their value to skyrocket. The company has said it is working on making the tokens 'transferable', though it's not clear exactly what that means. At a crypto conference in New York on June 25, one of World Liberty's founders, Zak Folkman, hinted that an announcement could come in the next couple of weeks.
'Everybody is going to be very, very happy,' he said.
Stocks, bonds and cash
Trump Media & Technology Group
The second-largest source of Trump's net worth, after the meme coin, is his stake in the publicly traded corporation that runs his social media venture, Truth Social. The president owns 115 million shares in the company, Trump Media & Technology Group, making his stake worth about $US2 billion based on the current price of the stock.
But unless he sells the shares, this aspect of his net worth is theoretical, existing only on paper. And the value of Trump Media shares has fallen precipitously since his inauguration. At its peak, Trump's stake in the company was worth about $US6 billion.
Other investments
The president also has an expansive financial investment portfolio that was worth at least $US236 million, according to his most recent financial disclosure, which covers 2024. The exact size of his portfolio is unknown because his financial disclosure reports these assets in wide ranges.
One entry in the disclosure indicated Trump held more than $US50 million in a money market fund with no top value provided, making it impossible to determine the true maximum total of his holdings.
The New York Times previously analysed the financial disclosure he filed last year to determine the breakdown of his holdings in bonds, cash and stocks.
Loading
If Trump held the low end of the range for each asset listed, bonds would have accounted for about 60 per cent of Trump's portfolio; cash and similar investments for about 30 per cent; and stocks for less than 10 per cent. Municipal bonds represented nearly 80 per cent of Trump's bond holdings, according to the minimum values reported.
At minimum, Trump's investment portfolio of stocks, bonds and cash produced $US13 million in dividends and interest last year.
Before Trump was a crypto mogul, he drew much of his net worth from the value of his real estate – hotels, residential properties, golf clubs and commercial office towers. This business has ebbed and flowed over the years, though it remains important for Trump.
It is difficult to determine the exact value of his real estate; he offers only estimates in his financial disclosures. For example, he valued 19 real estate assets at more than $US50 million each in his latest disclosure, with no reported maximum. All told, he valued his properties and other business holdings at a minimum of $US1.3 billion, excluding Trump Media and World Liberty.
Loading
The New York attorney-general accused Trump of inflating his real estate values to secure favourable loans from banks, prompting a months-long civil trial that resulted in a nearly $US500 million judgment against him.
These properties also generate revenue, though he does not reveal his expenses or investments in the properties, so profit or loss cannot be determined. In 2024, the top two revenue generators were in Florida: the Trump National Doral golf club near Miami ($US110 million) and his Mar-a-Lago private club and estate ($US50 million).
Royalties
Gold watches. An electric guitar. A coffee-table book. Sneakers and a Bible.
Trump has put his name on a wide variety of consumer products — and these deals generate a steady flow of royalty payments for him. In 2024, he received more than $US11 million in such payments, according to his financial disclosure.
Debts
Real estate
Like almost any real estate investor, Trump has sizable loans on some of his properties. His company said it recently paid off a $US160 million loan on its 40 Wall Street office building in New York, though he still owed more than $US100 million on other properties, according to his latest disclosure.
Lawsuit judgments
The president's biggest debt stems from his recent legal troubles: the nearly $US500 million judgment from the New York attorney-general's office and two lawsuits brought by writer E. Jean Carroll. In one of those two cases, a Manhattan jury ordered Trump to pay Carroll $US83.3 million for defaming her after she accused him of sexual assault.
A separate jury had earlier awarded Carroll $US5 million after finding that Trump had sexually abused her in a Bergdorf Goodman dressing room in the mid-1990s and had defamed her in a Truth Social post.
Loading
After these courtroom losses, Trump had to secure hundreds of millions of dollars in so-called appellate bonds, which spare him from paying the judgments while he appeals them. But to do so, he had to pledge a significant amount of his assets to the companies providing the bonds. And if he ultimately loses the appeals, Trump will owe the full amount of the judgments, plus significant interest.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
an hour ago
- The Advertiser
Asian stocks climb, dollar droops on Fed easing bets
Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel. Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel. Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel. Asian equities have risen, with Japanese shares hitting a record high, as tech-led gains on Wall Street, upbeat earnings and growing expectations for US rate cuts boosted sentiment. The prospect of a meeting between US President Donald Trump and Russian President Vladimir Putin over the war in Ukraine also underpinned sentiment, benefiting the euro, while weighing on oil prices as traders gauged the outlook for sanctions on Moscow. Sterling held its ground at a one-week high going into the Bank of England's policy announcement later in the day, with a quarter-point cut widely expected, and the focus falling on a possible three-way split within the board. At the same time, markets largely shook off Trump's latest tariff threats, including an additional 25 per cent tariff on India over purchases of Russian oil and a threatened 100 per cent duty on chips. Japan's broad Topix index rose 0.9 per cent on Thursday to reach an all-time high, with the more tech-focused Nikkei also gaining by about the same margin. Taiwan's stock benchmark surged 2.3 per cent to a more than one-year peak. South Korea's KOSPI added 0.6 per cent. Hong Kong's Hang Seng rose 0.4 per cent, and mainland Chinese blue chips advanced 0.3 per cent. Australian shares edged slightly lower after hitting a record high on Wednesday. US stock futures were buoyant, with those for the S&P 500 up 0.3 per cent and those for the Nasdaq also rising 0.3 per cent. On Wednesday, the S&P 500 climbed 0.7 per cent and the Nasdaq Composite jumped 1.2 per cent. "Wall Street seems to have gotten its mojo back," analyst Kyle Rodda wrote in a note. "However, there are persistent risks to the downside. Downside surprises in official data are increasing," he said. "Valuations are also stretched, with forward price to earnings hovering around the highest in four years. And trade uncertainty persists." The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators - not least Friday's payrolls report - and Trump's move to install new picks on the Fed board that are likely to share the US President's dovish views on monetary policy. Focus is centred on Trump's nomination to fill a coming vacancy on the Fed's board of governors and candidates for the next chair of the central bank, with current Chair Jerome Powell's tenure due to end in May. The dollar index, which gauges the currency against the euro, sterling and four other counterparts, gained slightly to 98.245, after dropping 0.6 per cent on Wednesday. The euro was little changed at $1.1657, following the previous session's 0.7 per cent jump. Sterling was steady at $1.3356. The BoE looks poised to cut interest rates for the fifth time in 12 months later on Thursday, but nagging worries about inflation are likely to split its policymakers and cloud the outlook for its next moves. Two Monetary Policy Committee members may push for a half-point rate cut, and two may lobby for no change. The dollar added 0.1 per cent to 147.53 yen. Gold gained 0.4 per cent to around $3,382 per ounce, buoyed by the weaker dollar. Crude oil clawed back some losses from Wednesday, when both Brent and West Texas Intermediate slid about 1 per cent. Brent crude futures were last up 20 cents, or 0.3 per cent, at $67.09 a barrel, while US West Texas Intermediate crude gained 22 cents, or 0.3 per cent, to $64.57 a barrel.
The Advertiser
an hour ago
- The Advertiser
Brazil's Bolsonaro appeals house arrest order
Lawyers for former Brazilian president Jair Bolsonaro have appealed a house arrest order imposed against him. Bolsonaro was placed under house arrest on Monday after an order was issued by Supreme Court Justice Alexandre de Moraes against him. Moraes' decision cited a failure to comply with restraining orders he had imposed on Bolsonaro for allegedly courting US President Donald Trump's interference in the case. Bolsonaro's lawyers had already said that they would appeal the decision to place him under house arrest. In a document seen by Reuters, the lawyers said Bolsonaro did not breach the restraining orders. They also asked for the house arrest order to be voted on by a wider panel of Supreme Court justices. Bolsonaro is on trial for allegedly masterminding a coup plot to remain in office despite his defeat in the 2022 election. The case has gripped the South American country as it faces a trade war with the Trump administration. The trial is receiving renewed attention after Trump directly tied a 50 per cent tariff on imported Brazilian goods to the judicial situation of Bolsonaro, a Trump ally. The US leader has called the proceedings a "witch hunt". Prosecutors accuse Bolsonaro of heading a criminal organisation that plotted to overturn the election, including plans to kill President Luiz Inácio Lula da Silva and Supreme Court justice Alexandre de Moraes. The top court in July ordered Bolsonaro wear an electronic ankle monitor and imposed a curfew on his activities while the proceedings were under way. Lawyers for former Brazilian president Jair Bolsonaro have appealed a house arrest order imposed against him. Bolsonaro was placed under house arrest on Monday after an order was issued by Supreme Court Justice Alexandre de Moraes against him. Moraes' decision cited a failure to comply with restraining orders he had imposed on Bolsonaro for allegedly courting US President Donald Trump's interference in the case. Bolsonaro's lawyers had already said that they would appeal the decision to place him under house arrest. In a document seen by Reuters, the lawyers said Bolsonaro did not breach the restraining orders. They also asked for the house arrest order to be voted on by a wider panel of Supreme Court justices. Bolsonaro is on trial for allegedly masterminding a coup plot to remain in office despite his defeat in the 2022 election. The case has gripped the South American country as it faces a trade war with the Trump administration. The trial is receiving renewed attention after Trump directly tied a 50 per cent tariff on imported Brazilian goods to the judicial situation of Bolsonaro, a Trump ally. The US leader has called the proceedings a "witch hunt". Prosecutors accuse Bolsonaro of heading a criminal organisation that plotted to overturn the election, including plans to kill President Luiz Inácio Lula da Silva and Supreme Court justice Alexandre de Moraes. The top court in July ordered Bolsonaro wear an electronic ankle monitor and imposed a curfew on his activities while the proceedings were under way. Lawyers for former Brazilian president Jair Bolsonaro have appealed a house arrest order imposed against him. Bolsonaro was placed under house arrest on Monday after an order was issued by Supreme Court Justice Alexandre de Moraes against him. Moraes' decision cited a failure to comply with restraining orders he had imposed on Bolsonaro for allegedly courting US President Donald Trump's interference in the case. Bolsonaro's lawyers had already said that they would appeal the decision to place him under house arrest. In a document seen by Reuters, the lawyers said Bolsonaro did not breach the restraining orders. They also asked for the house arrest order to be voted on by a wider panel of Supreme Court justices. Bolsonaro is on trial for allegedly masterminding a coup plot to remain in office despite his defeat in the 2022 election. The case has gripped the South American country as it faces a trade war with the Trump administration. The trial is receiving renewed attention after Trump directly tied a 50 per cent tariff on imported Brazilian goods to the judicial situation of Bolsonaro, a Trump ally. The US leader has called the proceedings a "witch hunt". Prosecutors accuse Bolsonaro of heading a criminal organisation that plotted to overturn the election, including plans to kill President Luiz Inácio Lula da Silva and Supreme Court justice Alexandre de Moraes. The top court in July ordered Bolsonaro wear an electronic ankle monitor and imposed a curfew on his activities while the proceedings were under way. Lawyers for former Brazilian president Jair Bolsonaro have appealed a house arrest order imposed against him. Bolsonaro was placed under house arrest on Monday after an order was issued by Supreme Court Justice Alexandre de Moraes against him. Moraes' decision cited a failure to comply with restraining orders he had imposed on Bolsonaro for allegedly courting US President Donald Trump's interference in the case. Bolsonaro's lawyers had already said that they would appeal the decision to place him under house arrest. In a document seen by Reuters, the lawyers said Bolsonaro did not breach the restraining orders. They also asked for the house arrest order to be voted on by a wider panel of Supreme Court justices. Bolsonaro is on trial for allegedly masterminding a coup plot to remain in office despite his defeat in the 2022 election. The case has gripped the South American country as it faces a trade war with the Trump administration. The trial is receiving renewed attention after Trump directly tied a 50 per cent tariff on imported Brazilian goods to the judicial situation of Bolsonaro, a Trump ally. The US leader has called the proceedings a "witch hunt". Prosecutors accuse Bolsonaro of heading a criminal organisation that plotted to overturn the election, including plans to kill President Luiz Inácio Lula da Silva and Supreme Court justice Alexandre de Moraes. The top court in July ordered Bolsonaro wear an electronic ankle monitor and imposed a curfew on his activities while the proceedings were under way.
West Australian
an hour ago
- West Australian
Australia ‘very concerned' by Donald Trump's 250 per cent pharmaceutical tariff threat
Australia's Health Minister has admitted he's 'very concerned' by Donald Trump's threat to raise pharmaceutical tariffs as high as 250 per cent and insisted PBS is off limits. Mark Butler has vowed Australia will continue to 'press the case' for the continuation of free trade with America — acknowledging it would be a major blow to Australian patients and producers. US President Donald Trump told CNBC this week he would expand this tariff regime by slapping new tariffs on foreign-made pharmaceuticals. 'It's going to go to 150 per cent and then it's going to go to 250 per cent,' he told the US business news channel. He said the final rate is expected to be announced within the next week or so, with a transitional period to give drug manufacturers time to adjust their supply chains. 'We are very concerned about the latest announcement from the administration around the possibility of pharmaceutical tariffs going as high as 250 per cent over the next couple of years,' Mr Butler told reporters in Melbourne on Thursday. 'That is why we're working so hard to press the case for the continuation of free trade.' Under the $18 billion-dollar Pharmaceutical Benefits Scheme, the government negotiates with the drug companies to enable Australians to buy life-saving drugs worth thousands of dollars for as little as $25 a script. In a series of letters to 17 drug manufacturers on Friday, Mr Trump had also demanded they negotiate harder with 'foreign freeloading nations' he blamed for higher US drug prices. It comes after a submission was made to the US government March by the Pharmaceutical Research and Manufacturers of America (PhRMA) claiming Australia's subsidised medical system was 'egregious and discriminatory'. Mr Butler said the US and Australian pharmaceutical trade relationship benefited both nations. 'America exports more pharmaceuticals to Australia than we do to them. They do it on a tariff-free basis,' he said. 'That's served both of our countries very well and we'll continue to argue the case for a continuation of free trade in pharmaceuticals.' Prime Minister Anthony Albanese said Australia would continue to support the PBS and spruiked his government's recent legislation in the first sitting black of the 48th Parliament to make PBS medicines even cheaper. 'We support the PBS. It is part of who we are as Australia. We're a sovereign nation, it's something that has produced massive benefits for Australia. It's a proud Labor creation and we are building on it,' he said on Thursday when asked if he was concerned by the latest development of Trump's ever-expanding tariffs. 'That's why we introduced legislation last week to reduce the cost of medicines to $25 that are listed on the PBS.' It comes as Mr Trump's country-specific 'reciprocal' tariffs, first floated on 'Liberation Day' in April, were scheduled to take effect on August 7. The US imposed a 10 per cent baseline tariff on imported goods from Australia which was the lowest rate of other nations.
