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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The Advertiser
20 minutes ago
- The Advertiser
Wall Street falls as tariff uncertainty weighs
Wall Street's major indexes have slipped as heightened tariff tensions dampened risk sentiment, while Tesla shares slid after boss Elon Musk announced plans to launch a political party. Treasury Secretary Scott Bessent said the US will make several trade announcements in the next 48 hours, ahead of a deadline on Wednesday to finalise trade pacts. President Donald Trump said on Sunday that the country was closer to inking several trade pacts and would notify other countries of higher tariff rates by July 9. He added that those duties are set to take effect on August 1. In April, Trump unveiled a base tariff rate of 10 per cent on most countries and additional duties ranging up to 50 per cent, subsequently pushing the Nasdaq into a bear market. Although he later delayed the effective date for all but 10 per cent until July 9. The new date offers countries a three-week window for further negotiations. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South Africa. In early trading on Monday, the Dow Jones Industrial Average fell 207.65 points, or 0.46 per cent, to 44,620.88, the S&P 500 lost 27.38 points, or 0.44 per cent, to 6,251.97 and the Nasdaq Composite lost 115.56 points, or 0.56 per cent, to 20,485.13. Nine of the eleven major S&P sectors were trading in the red, with consumer discretionary falling the most by 1.0 per cent. Electric vehicle maker Tesla dropped 6.8 per cent, on track for its worst day in over a month, after Musk announced the formation of a political party named the American Party, marking a new escalation in his feud with Trump. "Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what Tesla investors want," said Art Hogan, chief market strategist at B Riley Wealth. Shares of WNS jumped 14.2 per cent after the French IT services firm Capgemini agreed to buy the outsourcing firm for $US3.3 billion ($A5.1 billion) in cash. Monday's pullback also comes after the S&P 500 and the Nasdaq closed at record highs on Thursday following a surprisingly strong jobs report that pointed to resilience in the labour market. The Dow was about 1.0 per cent away from an all-time high. Solid jobs data also backed the Federal Reserve's cautious stance on future interest rate cuts. Traders have fully priced out a July rate cut, with September odds at 64.4 per cent, according to CME Group's FedWatch tool. Trump's inflation-causing tariff policies have further complicated the Fed's path to lower rates. As a result, minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy outlook. Attention is also on a sweeping tax-cut and spending bill, passed by House Republicans after markets closed on Thursday, that is set to swell the national deficit by over $US3 ($A4.6) trillion in the next decade. Declining issues outnumbered advancers by a 2.1-to-1 ratio on the NYSE, and by a 1.86-to-1 ratio on the Nasdaq. The S&P 500 posted 21 new 52-week highs and three new lows, while the Nasdaq Composite recorded 69 new highs and 32 new lows. Wall Street's major indexes have slipped as heightened tariff tensions dampened risk sentiment, while Tesla shares slid after boss Elon Musk announced plans to launch a political party. Treasury Secretary Scott Bessent said the US will make several trade announcements in the next 48 hours, ahead of a deadline on Wednesday to finalise trade pacts. President Donald Trump said on Sunday that the country was closer to inking several trade pacts and would notify other countries of higher tariff rates by July 9. He added that those duties are set to take effect on August 1. In April, Trump unveiled a base tariff rate of 10 per cent on most countries and additional duties ranging up to 50 per cent, subsequently pushing the Nasdaq into a bear market. Although he later delayed the effective date for all but 10 per cent until July 9. The new date offers countries a three-week window for further negotiations. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South Africa. In early trading on Monday, the Dow Jones Industrial Average fell 207.65 points, or 0.46 per cent, to 44,620.88, the S&P 500 lost 27.38 points, or 0.44 per cent, to 6,251.97 and the Nasdaq Composite lost 115.56 points, or 0.56 per cent, to 20,485.13. Nine of the eleven major S&P sectors were trading in the red, with consumer discretionary falling the most by 1.0 per cent. Electric vehicle maker Tesla dropped 6.8 per cent, on track for its worst day in over a month, after Musk announced the formation of a political party named the American Party, marking a new escalation in his feud with Trump. "Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what Tesla investors want," said Art Hogan, chief market strategist at B Riley Wealth. Shares of WNS jumped 14.2 per cent after the French IT services firm Capgemini agreed to buy the outsourcing firm for $US3.3 billion ($A5.1 billion) in cash. Monday's pullback also comes after the S&P 500 and the Nasdaq closed at record highs on Thursday following a surprisingly strong jobs report that pointed to resilience in the labour market. The Dow was about 1.0 per cent away from an all-time high. Solid jobs data also backed the Federal Reserve's cautious stance on future interest rate cuts. Traders have fully priced out a July rate cut, with September odds at 64.4 per cent, according to CME Group's FedWatch tool. Trump's inflation-causing tariff policies have further complicated the Fed's path to lower rates. As a result, minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy outlook. Attention is also on a sweeping tax-cut and spending bill, passed by House Republicans after markets closed on Thursday, that is set to swell the national deficit by over $US3 ($A4.6) trillion in the next decade. Declining issues outnumbered advancers by a 2.1-to-1 ratio on the NYSE, and by a 1.86-to-1 ratio on the Nasdaq. The S&P 500 posted 21 new 52-week highs and three new lows, while the Nasdaq Composite recorded 69 new highs and 32 new lows. Wall Street's major indexes have slipped as heightened tariff tensions dampened risk sentiment, while Tesla shares slid after boss Elon Musk announced plans to launch a political party. Treasury Secretary Scott Bessent said the US will make several trade announcements in the next 48 hours, ahead of a deadline on Wednesday to finalise trade pacts. President Donald Trump said on Sunday that the country was closer to inking several trade pacts and would notify other countries of higher tariff rates by July 9. He added that those duties are set to take effect on August 1. In April, Trump unveiled a base tariff rate of 10 per cent on most countries and additional duties ranging up to 50 per cent, subsequently pushing the Nasdaq into a bear market. Although he later delayed the effective date for all but 10 per cent until July 9. The new date offers countries a three-week window for further negotiations. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South Africa. In early trading on Monday, the Dow Jones Industrial Average fell 207.65 points, or 0.46 per cent, to 44,620.88, the S&P 500 lost 27.38 points, or 0.44 per cent, to 6,251.97 and the Nasdaq Composite lost 115.56 points, or 0.56 per cent, to 20,485.13. Nine of the eleven major S&P sectors were trading in the red, with consumer discretionary falling the most by 1.0 per cent. Electric vehicle maker Tesla dropped 6.8 per cent, on track for its worst day in over a month, after Musk announced the formation of a political party named the American Party, marking a new escalation in his feud with Trump. "Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what Tesla investors want," said Art Hogan, chief market strategist at B Riley Wealth. Shares of WNS jumped 14.2 per cent after the French IT services firm Capgemini agreed to buy the outsourcing firm for $US3.3 billion ($A5.1 billion) in cash. Monday's pullback also comes after the S&P 500 and the Nasdaq closed at record highs on Thursday following a surprisingly strong jobs report that pointed to resilience in the labour market. The Dow was about 1.0 per cent away from an all-time high. Solid jobs data also backed the Federal Reserve's cautious stance on future interest rate cuts. Traders have fully priced out a July rate cut, with September odds at 64.4 per cent, according to CME Group's FedWatch tool. Trump's inflation-causing tariff policies have further complicated the Fed's path to lower rates. As a result, minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy outlook. Attention is also on a sweeping tax-cut and spending bill, passed by House Republicans after markets closed on Thursday, that is set to swell the national deficit by over $US3 ($A4.6) trillion in the next decade. Declining issues outnumbered advancers by a 2.1-to-1 ratio on the NYSE, and by a 1.86-to-1 ratio on the Nasdaq. The S&P 500 posted 21 new 52-week highs and three new lows, while the Nasdaq Composite recorded 69 new highs and 32 new lows. Wall Street's major indexes have slipped as heightened tariff tensions dampened risk sentiment, while Tesla shares slid after boss Elon Musk announced plans to launch a political party. Treasury Secretary Scott Bessent said the US will make several trade announcements in the next 48 hours, ahead of a deadline on Wednesday to finalise trade pacts. President Donald Trump said on Sunday that the country was closer to inking several trade pacts and would notify other countries of higher tariff rates by July 9. He added that those duties are set to take effect on August 1. In April, Trump unveiled a base tariff rate of 10 per cent on most countries and additional duties ranging up to 50 per cent, subsequently pushing the Nasdaq into a bear market. Although he later delayed the effective date for all but 10 per cent until July 9. The new date offers countries a three-week window for further negotiations. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South Africa. In early trading on Monday, the Dow Jones Industrial Average fell 207.65 points, or 0.46 per cent, to 44,620.88, the S&P 500 lost 27.38 points, or 0.44 per cent, to 6,251.97 and the Nasdaq Composite lost 115.56 points, or 0.56 per cent, to 20,485.13. Nine of the eleven major S&P sectors were trading in the red, with consumer discretionary falling the most by 1.0 per cent. Electric vehicle maker Tesla dropped 6.8 per cent, on track for its worst day in over a month, after Musk announced the formation of a political party named the American Party, marking a new escalation in his feud with Trump. "Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what Tesla investors want," said Art Hogan, chief market strategist at B Riley Wealth. Shares of WNS jumped 14.2 per cent after the French IT services firm Capgemini agreed to buy the outsourcing firm for $US3.3 billion ($A5.1 billion) in cash. Monday's pullback also comes after the S&P 500 and the Nasdaq closed at record highs on Thursday following a surprisingly strong jobs report that pointed to resilience in the labour market. The Dow was about 1.0 per cent away from an all-time high. Solid jobs data also backed the Federal Reserve's cautious stance on future interest rate cuts. Traders have fully priced out a July rate cut, with September odds at 64.4 per cent, according to CME Group's FedWatch tool. Trump's inflation-causing tariff policies have further complicated the Fed's path to lower rates. As a result, minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy outlook. Attention is also on a sweeping tax-cut and spending bill, passed by House Republicans after markets closed on Thursday, that is set to swell the national deficit by over $US3 ($A4.6) trillion in the next decade. Declining issues outnumbered advancers by a 2.1-to-1 ratio on the NYSE, and by a 1.86-to-1 ratio on the Nasdaq. The S&P 500 posted 21 new 52-week highs and three new lows, while the Nasdaq Composite recorded 69 new highs and 32 new lows.
The Advertiser
21 minutes ago
- The Advertiser
Rubio to make first visit to Indo-Pacific region
US Secretary of State Marco Rubio will visit Malaysia later this week to attend a meeting of Southeast Asian Nations in his first visit to the Indo-Pacific region as America's top diplomat. Rubio will travel July 8-12 and will take part in meetings in Kuala Lumpur with the 10-member Association of Southeast Asian Nations, whose foreign ministers are gathering there, the State Department said. Rubio will seek to firm up US relationships with partners and allies in the region, who have been unnerved by President Donald Trump's global tariff offensive. The trip is part of a renewed US focus on the Indo-Pacific and represents an effort by the Trump administration to look beyond the conflicts in the Middle East and Europe that have so far consumed much of its attention. Last week, Rubio hosted Australian Foreign Minister Penny Wong and counterparts from India and Japan. They announced a joint initiative to ensure the supply of critical minerals, a vital sector for high-tech applications dominated by Washington's main strategic rival, China. Trump also announced that he reached a trade agreement with an important Southeast Asian partner and ASEAN member Vietnam and could reach one with India, but cast doubt on a possible deal with Japan, Washington's main Indo-Pacific ally and a major importer and investor in the United States. Rubio has yet to visit Japan or neighbouring South Korea, the other major US ally in north-east Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat posed by China. ASEAN countries have been nervous about Trump's tariff offensive and have questioned the willingness of his "America First" administration to fully engage diplomatically and economically with the region. "There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theatre of US interests, key to US national security," said Greg Poling, director of the Southeast Asia Program at Washington's Centre for Strategic and International Studies. Other ASEAN countries may be encouraged by Vietnam's deal with Trump. "This should smooth the way for continued pragmatic security engagement between the US and Vietnam, and hopefully provide a pathway for others in Southeast Asia to get similar deals without having to give up much," Poling said. US Secretary of State Marco Rubio will visit Malaysia later this week to attend a meeting of Southeast Asian Nations in his first visit to the Indo-Pacific region as America's top diplomat. Rubio will travel July 8-12 and will take part in meetings in Kuala Lumpur with the 10-member Association of Southeast Asian Nations, whose foreign ministers are gathering there, the State Department said. Rubio will seek to firm up US relationships with partners and allies in the region, who have been unnerved by President Donald Trump's global tariff offensive. The trip is part of a renewed US focus on the Indo-Pacific and represents an effort by the Trump administration to look beyond the conflicts in the Middle East and Europe that have so far consumed much of its attention. Last week, Rubio hosted Australian Foreign Minister Penny Wong and counterparts from India and Japan. They announced a joint initiative to ensure the supply of critical minerals, a vital sector for high-tech applications dominated by Washington's main strategic rival, China. Trump also announced that he reached a trade agreement with an important Southeast Asian partner and ASEAN member Vietnam and could reach one with India, but cast doubt on a possible deal with Japan, Washington's main Indo-Pacific ally and a major importer and investor in the United States. Rubio has yet to visit Japan or neighbouring South Korea, the other major US ally in north-east Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat posed by China. ASEAN countries have been nervous about Trump's tariff offensive and have questioned the willingness of his "America First" administration to fully engage diplomatically and economically with the region. "There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theatre of US interests, key to US national security," said Greg Poling, director of the Southeast Asia Program at Washington's Centre for Strategic and International Studies. Other ASEAN countries may be encouraged by Vietnam's deal with Trump. "This should smooth the way for continued pragmatic security engagement between the US and Vietnam, and hopefully provide a pathway for others in Southeast Asia to get similar deals without having to give up much," Poling said. US Secretary of State Marco Rubio will visit Malaysia later this week to attend a meeting of Southeast Asian Nations in his first visit to the Indo-Pacific region as America's top diplomat. Rubio will travel July 8-12 and will take part in meetings in Kuala Lumpur with the 10-member Association of Southeast Asian Nations, whose foreign ministers are gathering there, the State Department said. Rubio will seek to firm up US relationships with partners and allies in the region, who have been unnerved by President Donald Trump's global tariff offensive. The trip is part of a renewed US focus on the Indo-Pacific and represents an effort by the Trump administration to look beyond the conflicts in the Middle East and Europe that have so far consumed much of its attention. Last week, Rubio hosted Australian Foreign Minister Penny Wong and counterparts from India and Japan. They announced a joint initiative to ensure the supply of critical minerals, a vital sector for high-tech applications dominated by Washington's main strategic rival, China. Trump also announced that he reached a trade agreement with an important Southeast Asian partner and ASEAN member Vietnam and could reach one with India, but cast doubt on a possible deal with Japan, Washington's main Indo-Pacific ally and a major importer and investor in the United States. Rubio has yet to visit Japan or neighbouring South Korea, the other major US ally in north-east Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat posed by China. ASEAN countries have been nervous about Trump's tariff offensive and have questioned the willingness of his "America First" administration to fully engage diplomatically and economically with the region. "There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theatre of US interests, key to US national security," said Greg Poling, director of the Southeast Asia Program at Washington's Centre for Strategic and International Studies. Other ASEAN countries may be encouraged by Vietnam's deal with Trump. "This should smooth the way for continued pragmatic security engagement between the US and Vietnam, and hopefully provide a pathway for others in Southeast Asia to get similar deals without having to give up much," Poling said. US Secretary of State Marco Rubio will visit Malaysia later this week to attend a meeting of Southeast Asian Nations in his first visit to the Indo-Pacific region as America's top diplomat. Rubio will travel July 8-12 and will take part in meetings in Kuala Lumpur with the 10-member Association of Southeast Asian Nations, whose foreign ministers are gathering there, the State Department said. Rubio will seek to firm up US relationships with partners and allies in the region, who have been unnerved by President Donald Trump's global tariff offensive. The trip is part of a renewed US focus on the Indo-Pacific and represents an effort by the Trump administration to look beyond the conflicts in the Middle East and Europe that have so far consumed much of its attention. Last week, Rubio hosted Australian Foreign Minister Penny Wong and counterparts from India and Japan. They announced a joint initiative to ensure the supply of critical minerals, a vital sector for high-tech applications dominated by Washington's main strategic rival, China. Trump also announced that he reached a trade agreement with an important Southeast Asian partner and ASEAN member Vietnam and could reach one with India, but cast doubt on a possible deal with Japan, Washington's main Indo-Pacific ally and a major importer and investor in the United States. Rubio has yet to visit Japan or neighbouring South Korea, the other major US ally in north-east Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat posed by China. ASEAN countries have been nervous about Trump's tariff offensive and have questioned the willingness of his "America First" administration to fully engage diplomatically and economically with the region. "There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theatre of US interests, key to US national security," said Greg Poling, director of the Southeast Asia Program at Washington's Centre for Strategic and International Studies. Other ASEAN countries may be encouraged by Vietnam's deal with Trump. "This should smooth the way for continued pragmatic security engagement between the US and Vietnam, and hopefully provide a pathway for others in Southeast Asia to get similar deals without having to give up much," Poling said.
The Advertiser
21 minutes ago
- The Advertiser
Trump to put 25 pct tariffs on Japan and South Korea
President Donald Trump on Monday placed a 25 per cent tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two US allies in Asia. Trump provided notice of the tariffs to begin on August 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would increase import taxes that could damage the auto and electronics sectors of Japan and South Korea, two crucial partners for the US in countering China's influence. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters, issued on White House stationery, have Trump's typical flourishes and capitalisation."We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far," he wrote. He ends both of the letters by saying, "Thank you for your attention to this matter!" Trump has been eager to escalate tariffs on American trading partners after pausing his plans earlier this year. with AP President Donald Trump on Monday placed a 25 per cent tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two US allies in Asia. Trump provided notice of the tariffs to begin on August 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would increase import taxes that could damage the auto and electronics sectors of Japan and South Korea, two crucial partners for the US in countering China's influence. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters, issued on White House stationery, have Trump's typical flourishes and capitalisation."We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far," he wrote. He ends both of the letters by saying, "Thank you for your attention to this matter!" Trump has been eager to escalate tariffs on American trading partners after pausing his plans earlier this year. with AP President Donald Trump on Monday placed a 25 per cent tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two US allies in Asia. Trump provided notice of the tariffs to begin on August 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would increase import taxes that could damage the auto and electronics sectors of Japan and South Korea, two crucial partners for the US in countering China's influence. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters, issued on White House stationery, have Trump's typical flourishes and capitalisation."We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far," he wrote. He ends both of the letters by saying, "Thank you for your attention to this matter!" Trump has been eager to escalate tariffs on American trading partners after pausing his plans earlier this year. with AP President Donald Trump on Monday placed a 25 per cent tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two US allies in Asia. Trump provided notice of the tariffs to begin on August 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would increase import taxes that could damage the auto and electronics sectors of Japan and South Korea, two crucial partners for the US in countering China's influence. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge," Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. The letters, issued on White House stationery, have Trump's typical flourishes and capitalisation."We invite you to participate in the extraordinary Economy of the United States, the Number One Market in the World, by far," he wrote. He ends both of the letters by saying, "Thank you for your attention to this matter!" Trump has been eager to escalate tariffs on American trading partners after pausing his plans earlier this year. with AP
