Trump hits India with new 25pc tariff over Russian oil buys
Trump signed an executive order setting the new rate, the White House said on Wednesday (Thursday AEST), which will stack on top of a 25 per cent levy on Indian imports Trump announced last week. The higher duty will take effect within 21 days, according to the order.
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News.com.au
an hour ago
- News.com.au
Las Vegas tourism figures plummet as potential US downturn looms
Tourism in Las Vegas has fallen by about 11 per cent this year, with fewer visitors, lower convention attendance and reduced hotel occupancy putting a dent in the city's lucrative profits. The city's fortunes, buoyed by its large gambling market and appeal to travellers with disposable income, are often seen as a bellwether for the broader US economy. The figures coincide with a downturn in international tourism to the United States and come amid President Donald Trump's intensifying trade war, which has frustrated travellers. Las Vegas saw around 400,000 fewer visitors in June 2025 compared with the same month in 2024. International spending across the US tourism market is expected to drop by $12.5 billion this year, according to the UK-based World Travel & Tourism Council. The group estimates the industry will generate $169 billion in 2025, down from $181 billion in 2024 — a 22.5 per cent fall from its previous peak. 'This is a wake-up call for the US government,' said Julia Simpson, president of the World Travel & Tourism Council. 'While other nations are rolling out the welcome mat, the U.S. government is putting up the 'closed' sign.' The Trump administration did not immediately respond to Axios' request for comment. While some industries have benefited from the tariffs, others have struggled and may be forced to pass costs on to customers. Some travellers have also pledged to avoid visiting the United States as a form of protest against the administration's policies. Analysts point to the high cost and lengthy process of obtaining a visa, as well as the Trump administration's crackdown on illegal immigration, which they say has left some travellers uneasy. 'We need to let travellers around the world know that we want their business. We certainly understand some of the issues we have here in the United States that focus on illegal immigration. Unfortunately, some travellers around the world are wondering if legal visitors are welcome,' CEO of the US Travel Association Geoff Freeman said. Industry leaders hope next summer's World Cup, which will host games in cities including Philadelphia, can help reverse the trend.
Perth Now
3 hours ago
- Perth Now
Ukraine attacks Russian facility in deadly drone strike
One person has been killed and several apartments and an industrial facility have been damaged in a Ukrainian drone attack on the southern Russian region of Saratov, local officials say. Residents were evacuated after debris from a destroyed drone damaged three apartments in the overnight attack, Governor Roman Busargin posted on the Telegram messaging app on Sunday. "Several residents required medical assistance," Busargin said. "Aid was provided onsite, and one person has been hospitalised. Unfortunately, one person has died." Russian air defence units destroyed 121 Ukrainian drones overnight, including eight over the Saratov region, the defence ministry said. It reports only how many drones its defence units take down, not how many Ukraine launches. Busargin did not specify what type of industrial site was damaged. Social media footage showed thick black smoke rising over what looked to be an industrial zone. Reuters verified the location seen in one of the videos as matching file and satellite imagery of the area but could not verify when the video was filmed. Ukrainian media, including the RBK-Ukraine media outlet, reported the oil refinery in the city of Saratov, the administrative centre of the region, was on fire after a drone attack. Reuters could not verify those reports. There was no official comment from Russia. The Rosneft-owned refinery in the city of Saratov was forced to suspend operations earlier this year for safety reasons after Ukrainian drone attacks, industry sources told Reuters. Russia's SHOT Telegram channel, which often publishes information from sources in the security services and law enforcement, reported about eight explosions were heard over Saratov and Engels, cities separated by the Volga River. Russia's civil aviation authority Rosaviatsia said on Telegram flights in and out of Saratov had been halted for about two hours early on Sunday to ensure air safety. Both sides deny targeting civilians in their strikes on each other's territory in the war that Russia launched with a full-scale invasion of Ukraine in February 2022. Kyiv says its attacks inside Russia are aimed at destroying infrastructure that is key to Moscow's war efforts, including energy and military infrastructure, and are in response to Russia's continued strikes.
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
Billions made and lost in a blink as gold rides Trump rollercoaster
The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment's notice in pursuit of the highest prices. Over the weekend, a shock US ruling suggesting the metal would be subject to tariffs plunged that system into chaos. The apparent decision by the US Customs and Border Protection agency – announced privately in a letter to a Swiss refiner on July 31 and made public on Friday – sent gold futures in New York soaring to a record, as insiders warned the tariffs would have dire consequences. Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn't face tariffs after all. It was the latest example of President Donald Trump's trade war triggering wild gyrations in markets, whether for equities, raw materials or finished products. Gold bullion is typically treated more as a financial instrument than a physical product, and slapping tariffs on it would have such profound consequences that many traders argued the ruling had to be a mistake. 'The problem was that the government didn't look outside of the question of the physical format and did not take into consideration that this widget was actually gold,' said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co. Loading A complex and sometimes fragile system for making and moving gold bars underpins the global market for the metal, including the futures exchanges in New York and Shanghai as well as a huge over-the-counter market overseen by London banks. Key consumer hubs in Mumbai, Dubai and Hong Kong rely on it as well. There is more than $US1.1 trillion ($1.7 trillion) in gold bars stored in vaults to underpin trading in New York and London alone, with much of it stored by major dealers including JPMorgan and HSBC Holdings.
