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The federal government is considering whether to challenge the United States at the World Trade Organisation over Donald Trump's steel and aluminum tariffs.
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The Advertiser
2 hours ago
- The Advertiser
US economic growth to slow to 1.6 per cent, OECD says
US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses. US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses. US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses. US economic growth will slow to 1.6 per cent this year from 2.8 per cent last year as President Donald Trump's erratic trade wars disrupt global commerce, leaving businesses and consumers paralysed by uncertainty, the OECD says. The Organisation for Economic Cooperation and Development forecast the US economy - the world's largest - will slow further to just 1.5 per cent in 2026. Trump's policies have raised average US tariff rates from around 2.5 per cent to 15.4 per cent, the highest since 1938, according to the OECD. World economic growth will slow to just 2.9 per cent this year and stay there in 2026, according to the forecast. It marks a substantial deceleration from growth of 3.3 per cent global growth last year and 3.4 per cent in 2023. The world economy has proven remarkably resilient in recent years, continuing to expand steadily in the face of global shocks such as the COVID-19 pandemic and Russia's invasion of Ukraine. But global trade and the economic outlook have been clouded by Trump's sweeping taxes on imports, the unpredictable way he's rolled them out and the threat of retaliation from other countries. Reversing decades of US policy in favour of freer world trade, Trump has levied 10 per cent tariffs on imports from almost every country. He's also threatened more import taxes, including a doubling of his tariffs on steel and aluminium to 50 per cent. Without mentioning Trump by name, OECD chief economist Álvaro Pereira wrote in a commentary to accompany the forecast that "we have seen a significant increase in trade barriers as well as in economic and trade policy uncertainty. This sharp rise in uncertainty has negatively impacted business and consumer confidence and is set to hold back trade and investment." China - the world's second-biggest economy - is forecast to see growth decelerate from five per cent last year to 4.7 per cent in 2025 and 4.3 per cent in 2026. Chinese exporters will be hurt by Trump's tariffs, hobbling an economy already weakened by the collapse of the nation's real estate market. Some of the damage will be offset by help from the government: Beijing last month outlined plans to cut interest rates and encourage bank lending as well as allocating more money for factory upgrades and elder care, among other things. The 20 countries that share the euro currency will collectively see economic growth pick up from 0.8 per cent last year to one per cent in 2025 and 1.2 per cent next year, the OECD said, helped by interest rate cuts from the European Central Bank. The Paris-based OECD, comprising 38 member countries, works to promote international trade and prosperity and issues periodic reports and analyses.
News.com.au
2 hours ago
- News.com.au
‘It's coming': Tom Homan ‘convinced' US will see major terror attack, blames lax Biden border policy
Donald Trump's Border Czar says he's 'convinced' that a '9/11 or worse' will soon strike the US as a result of former President Joe Biden's immigration and border policies. The bombshell from Trump's right-hand-man in immigration, Tom Homan, came during Fox News host Sean Hannity's most recent segment after Hannity openly pondered, 'What did we learn from 9/11?' and expressed concern about the possibility of a major terror attack. Hannity cited this week's antisemitic terror attack in Boulder, Colorado, where a man who was in the country illegally allegedly injured 12 people by using a makeshift flamethrower and molotov cocktails. The suspected firebomber, Mohamed Sabry Soliman, is a 45-year-old Egyptian national who entered the country on a tourist visa in 2022, sought asylum and later obtained a work permit from the Biden administration, according to the Trump administration. But the accused's work visa expired this past March, meaning he was no longer in the US legally. Hannity eventually asked, 'if we don't find these people soon, we're at risk of a 9/11 or worse?' referencing an opaque amount of undocumented migrants in the US. 'It's coming,' Homan said before pausing briefly. During the previous administration, around 2 million so-called 'gotaways' were not apprehended by border patrol agents, Homan argued. 'These 2 million known gotaways scares the hell out of me,' he said, claiming some of that disputed figure could be terrorists. 'I'm convinced something's coming unless we can find them.' Homan, who President Trump has assigned to oversee the implementation of his controversial mass deportation plan, theorised that millions of migrants were going to great lengths to avoid detection. 'Why did 2 million illegal aliens pay more to get away?' Homan told Hannity. 'They could have paid half of what they paid to cross the border, turn themselves into border patrol agents, get released that same day, get a free airline ticket to the city of their choice, get a free hotel room, get three meals a day, plus free medical care and work authorisation.' 'Two million people paid more to get away,' he argued. 'They didn't want to be vetted. They didn't want to be fingerprinted. Why?' 'This scares the hell out of me and I've been doing this for 40 years. It should have scared the hell out of every American what the Biden administration did.' Homan described the 'gotaways' as 'the biggest national security vulnerability this country's ever seen' and predicted US authorities may be searching for them 'for the next ten years.' Homan added, 'even through the legal process, the Biden administration was bringing people unvetted' and 'handing out work visas like they're candy.' Late last month, the US Supreme Court handed President Trump a major victory Friday in his immigration crackdown, giving his administration the green light to revoke the legal status of half a million migrants from four Caribbean and Latin American countries. The decision puts 532,000 people who came from Cuba, Haiti, Nicaragua and Venezuela to the United States under a two-year humanitarian 'parole' program launched by former president Joe Biden at risk of deportation. And it marked the second time the highest US court has sided with Trump in his aggressive push to deliver on his election pledge to deport millions of non-citizens through a series of policy moves that have prompted a flurry of lawsuits. The administration's struggles with determining exactly who is and is not wanted in the US were made apparent late last week when the president assured Chinese international students in the country that they would be fine amid his crackdown on foreign students. Trump's administration this week said it would specifically target permissions for Chinese students in its latest broadside against US higher education. But when asked what message he would send to Chinese college students in the country, Trump insisted: 'They're going to be OK. It's going to work out fine.' 'We just want to check out the individual students we have. And that's true with all colleges,' he told reporters. The softer tone followed a judge's decision on Thursday to extend a temporary block on Trump's bid to prevent Harvard from enrolling international students. US Secretary of State Marco Rubio previously vowed on Wednesday to 'aggressively' revoke visas to students from China. Rubio has already yanked thousands of visas, largely over students' involvement in activism critical of Israel's offensive in Gaza, but also over minor traffic violations and other infractions.
News.com.au
2 hours ago
- News.com.au
‘Unusual' thing happening to the Aussie dollar in wake of Trump tariffs, says Reserve Bank
The global uncertainty sparked by US President Donald Trump's tariff agenda has resulted in something unusual happening to the Australian dollar. RBA assistant governor Sarah Hunter noted on Tuesday that the Aussie dollar has been behaving differently against the greenback than what we would historically expect. 'When the outlook for global growth weakens, the Australian dollar typically depreciates,' she explained in a speech at the Economic Society of Australia Business Lunch in Brisbane. This is because investors expect the Australian economy 'to be buffeted by the global headwinds and the RBA to respond with cuts to the cash rate'. The fact that the Australian dollar is a 'risk-sensitive' currency also contributes to the depreciation as 'when global investors are worried, they tend to focus on reducing risk exposure, moving their capital to low-risk assets in countries like the United States, Switzerland and Japan.' 'This means the Australian dollar tends to lose value against these currencies,' she said. When Trump announced his global 'Liberation Day' tariffs the Aussie dollar did as expected and fell, plummeting to below 60 US cents for the first time since the pandemic. However in recent weeks, the Aussie has recovered against the greenback and has been sitting between 64 and 65 US cents which, according to Dr Hunter, is 'more unusual' in a continuing time of uncertainty. Dr Hunter said this is in part due to a broad weakness in the USD after some global investors reduced their exposure to US assets. 'The weakness in the US dollar during a period of heightened risk is in contrast with many previous episodes,' she said, 'though it's too early to know whether this dynamic will continue.'
