Albanese's ‘bizarre' speech hurting Australia's relationship with US
'Why did Albanese make such a bizarre speech,' Mr Sheridan told Sky News host Danica De Giorgio.
'Is he trying to provoke the Americans into killing off AUKUS?
'Albanese, even at the level of politics should be very careful about this though … the American alliance is very popular.'
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Australian News LIVE: Inside the mushroom murderer court case, new Trump tariffs; rate cut decision looms
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The Advertiser
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- The Advertiser
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The US tariffs would also likely lead capital to flow out of America and high-tariffed countries, benefiting other economies like Australia. This means Liberation Day tariffs, alongside Mr Trump's levies on steel and aluminium, could lead to a 0.37 per cent increase in Australia's real gross domestic product and a 30.9 per cent increase in US demand for Australian exports. While it is unclear whether Australia could negotiate a tariff exemption, the government could take things into its own hands by removing more of its own "nuisance" levies. It has already abolished almost 500 of these tariffs, which impose high costs on businesses and generate little revenue, but the commission identified another 315 that could be urgently removed. "Australia is best served by continuing to advocate for free and fair trade - and that's exactly what we've done," Treasurer Jim Chalmers said in response to the report. Australia has been urged to push for free markets, avoid a trade war and reduce its own "nuisance" levies as the world braces for the resumption of US tariffs. While President Donald Trump's tariffs are unlikely to have a significant direct impact on Australia when he lifts a pause on reciprocal levies on August 1, the uncertainty they create could wreak havoc on living standards across the globe. Were it not for that, modelling from the Productivity Commission has found Australia could receive some benefits from US tariffs. But the federal government's independent research and advisory body has recommended Australia mitigate impacts by committing to free trade agreements, reducing some of its own tariffs and working towards open markets - offering much-needed certainty for exporters. Any retaliatory tariffs could escalate into a broader trade war, potentially exacerbating uncertainty, which the commission warned would bring "serious consequences". 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The US tariffs would also likely lead capital to flow out of America and high-tariffed countries, benefiting other economies like Australia. This means Liberation Day tariffs, alongside Mr Trump's levies on steel and aluminium, could lead to a 0.37 per cent increase in Australia's real gross domestic product and a 30.9 per cent increase in US demand for Australian exports. While it is unclear whether Australia could negotiate a tariff exemption, the government could take things into its own hands by removing more of its own "nuisance" levies. It has already abolished almost 500 of these tariffs, which impose high costs on businesses and generate little revenue, but the commission identified another 315 that could be urgently removed. "Australia is best served by continuing to advocate for free and fair trade - and that's exactly what we've done," Treasurer Jim Chalmers said in response to the report.
