Elon Musk learnt ‘the hard way' after tweet firestorm with Trump
Former White House Press Secretary Sean Spicer says Elon Musk had 'overstayed his welcome' when launching biting tweets at US President Donald Trump.
The pair have traded barbs with one another through social media following disagreements over Trump's "Big Beautiful Bill".
'The supporters in the MAGA movement are for Donald Trump and he learnt that the hard way,' Mr Spicer told Sky News host Andrew Bolt.
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Sky News AU
an hour ago
- Sky News AU
Retired US General Jack Keane says lack of American submarines ‘real basis' for Trump administration's AUKUS review
Retired US General Jack Keane has said he believes American concerns over having enough submarines for their own fleet is underpinning the AUKUS defence pact review instigated by the Trump administration. A primary pillar of AUKUS, a trilateral security partnership agreed to in 2021, is to enable Australia to acquire nuclear-powered submarines, as well as other advanced weapons. The newly announced review into the pact is being headed by Under-Secretary of Defence for Policy Elbridge Colby, who has previously been critical of the submarine deal. Speaking to Sky News Host Andrew Bolt on Thursday, Mr Keane said he believed concerns over the US holding on to enough submarines is the 'real basis' for AUKUS coming under the microscope. 'I mean, we know for a fact, we don't have anywhere near all the submarines that we would like to have and it's the submarines where we have the advantage, the United States and our allies, over China itself,' the former general said. '(China) have decisive advantages in surface ships, in offence and defensive missiles, and also the number of aeroplanes that they have every day in the region. Submarines is something we want more of.' However, Mr Keane said he thought having Australian-operated American submarines in Indo-Pacific waters would be a 'real strategic plus'. The former general was asked whether the American popular opinion could swing away from thinking US submarines being operated under an Australian flag is good idea, but Mr Keane said he did not hold such concerns. 'I think the primary issue is the number of submarines. The United States knows we don't have enough. It takes us too long to build them, and we've got to get it right,' he said. The former general's remarks come as questions continue to be asked about whether the Albanese government has pledged enough of the nation's GDP towards defence, with pressure mounting from Washington for Canberra to boost its military spending. Sky New News Host Sharri Markson revealed on Thursday the Trump administration will use the AUKUS review as way to try and push Australia towards increasing its defence budget. Meanwhile, former prime minister Scott Morrison, who oversaw the formation of AUKUS, has declared he is not concerned about what the US-led review may mean for the future of the security partnership. 'It's totally within their remit… Incoming governments do reviews. Keir Starmer did a review and that resulted in the UK government being even more committed to AUKUS,' Mr Morrison told Sky News. His sentiments were echoed by Defence Minister Richard Marles, who downplayed anxieties while also confirming Australia knew about the review in advance. Former Australian Minister Alexander Downer has likewise said he does not think Australia should be concerned, asserting his belief the US will not scrap the agreement under President Trump's reign. 'I think there is going to be a debate within the American system about selling to Australia Virginia-class submarines,' Mr Downer told Sky News Host Chris Kenny on Thursday. 'Not because of the technology of the submarines, but because the American administration will argue that they haven't got enough submarines and they can't build them fast enough.' Mr Downer also said he thinks the US are concerned about Australia's defence spending in light of the review. "I think they would be concerned about our low level of defence expenditure and the way the Australian defence forces have become increasingly depleted," he said. "But I don't think in the end the Americans are going to cancel the AUKUS programme. You have to remember this is a trilateral programme, not a bilateral programme, and Britain is the, if you like, second player in it, certainly the second most important player in it."
ABC News
an hour ago
- ABC News
Donald Trump has interrupted Anthony Albanese's election honeymoon, just as the pair were due to meet
He is arguably at his zenith, having not only defied history but making it on May 3 when, as leader of the Labor Party, Anthony Albanese defeated his opponents in a landslide. But less than six weeks into his second term as prime minister, the honeymoon has been interrupted, and Albanese is confronted with his first real test: Donald Trump. If all goes to plan (and with Trump, this is hard to predict) Albanese will hold his first face-to-face meeting with the US president on the sidelines of next week's Group of Seven summit in Canada. Nestled in Alberta's Rockies, Kananaskis' population of 130 is about to swell more than 10 times that size as world leaders descend on the verdant valley. It is here that Albanese will be warmly embraced by new Canadian Prime Minister Mark Carney, a progressive ally, and hold his first formal meetings with the new leaders of Japan and South Korea. The Australian side is hoping Albanese will also get — at the very least — a "grip and grin" with Trump but on Thursday, an already challenged relationship showed further signs of strain. Albanese could find himself walking into an old-fashioned shake-down with a president determined to extract more from his closest friends and allies. The missive landed as most Australians were still asleep: "Pentagon launches review of AUKUS nuclear submarine deal," read the headline in the UK Financial Times. Signal chats from Canberra to Washington started lighting up as everyone from defence officials down tried to understand what it might mean for the $368 billion deal, aimed at countering China's rise in the region. They only needed to log in to Twitter. Pentagon official Eldridge Colby — who will lead the review — fired across the bow, posting a quote from US Defense Secretary Pete Hegseth: "Hegseth on Tuesday reiterated Trump's call for allies in the Indo-Pacific to increase their defence burden-sharing". Posted, as they say, without comment but it came only minutes before the story broke in the Financial Times. According to the Pentagon, the aim of the review is to ensure AUKUS "is aligned with the president's America First agenda" which requires "allies step up fully to do their part for collective defense". Colby is an AUKUS-sceptic and doesn't believe Australia is spending enough to defend itself in this deteriorating strategic environment. Before he was even appointed to the role, he told Congress the main concern the US should raise with Australia was its spending on defence, which is currently on track to reach 2.3 per cent of GDP by 2033. "Australia is currently well below the 3 per cent level advocated for by NATO Secretary General [Mark] Rutte, and Canberra faces a far more powerful challenge in China," he said earlier this year. NATO, for what it's worth, is now advocating a target of five per cent of GDP (a "quantum leap in our collective defence") to keep aggressors like Russia at bay. On the issue of defence spending, Colby has a powerful ally in Hegseth — the US Defense Secretary — who held face-to-face talks with Defence Minister Richard Marles a fortnight ago. At the Shangri-La dialogue in Singapore, Hegseth "conveyed that Australia should increase its defence spending to 3.5 per cent of its GDP as soon as possible" according to a Pentagon read-out. Albanese has firmly pushed back on the US demands, bristling at the suggestion that Australia set an "arbitrary" spending target: "Australia should decide what we spend on Australia's defence," the prime minister said. If the government knew about the impending review "for weeks", as Marles asserted, it could well have been that Hegseth also used that meeting to inform him of the Trump administration's move. Although, you wouldn't have guessed it from his comments. Asked by a journalist about the state of the pact immediately following those talks, Marles said: "we walk forward with a sense of confidence about the way in which AUKUS is proceeding." No hint of a review to be announced only a fortnight later — to the surprise of many. Publicly, the government is trying to appear unfazed, saying it is natural that the new administration would want to examine the agreement, and pointing out the UK had recently completed its own. It is adamant Australia's decision to sanction two far-right Israeli ministers on Wednesday is not in any way connected. Privately, they speculate the review might be a Colby-led frolic but what they don't know is whether he is proceeding with the blessing of Trump (who has never spoken publicly about AUKUS) or if the future of the AUKUS deal is genuinely in peril without a sharp increase in spending. Under the three-nation, 30-year pact, Australia will acquire eight conventionally armed nuclear-powered submarines, and the first three will come directly from the United States before the allies create the new SSN AUKUS fleet. Australia has already made a down-payment — handing over more than $1 billion to the Americans — but there are real concerns about the ability of US shipyards to build enough subs to replace the ones it is selling. Working in Australia's favour is the fact that Hegseth himself is a big backer of AUKUS, the deal has strong bipartisan support in Congress, and between Washington, London and Canberra it enjoys "deep institutional buy-in", according to sources. But the deal has now been caught in a complex web of forces in the United States — both political and industrial — and at this early stage, it is not yet clear who will prevail. These are the questions Albanese will be seeking to answer if he scores a meeting with Trump because, when it comes to replacing our ageing fleet of submarines, Australia has no Plan B. During the election campaign, the prime minister successfully used anti-Trump rhetoric to his advantage, something he and Carney have in common. Having now been returned to power, he will need to build a connection with Trump as the list of disagreements, from defence spending and tariffs to Israel, grows longer. When Trump lands in Canada — a country he openly covets — he will likely cut a lonely figure on the world stage. His last appearance at a G7 summit in Canada ended in a blow-up over — you guessed it — tariffs, and produced the iconic image of Trump looking like a diminished figure in the shadow of then-German chancellor Angela Merkel. This time around, just months into his second term as president, Trump has managed to make himself even more isolated. As the New York Times has observed, next week's summit will be the first time since Trump was re-elected that he will be confronting such a large array of allies on the receiving end of hostile actions by his administration. And none are happy about it. Carney, who is presiding over the talks, is using Trump's retreat to his advantage, reportedly planning bilateral and smaller meetings on the sidelines — without the US president. "Canada is ready to lead," the Canadian prime minister said, adding: "The G7 must meet this moment with purpose and with force." As well as Albanese, Carney has invited the NATO secretary and UN secretary general to the talks, on top of multiple observers, including the leaders of Ukraine, India, the UAE, South Korea and South Africa. It is a show of unity among largely like-minded nations who, by-and-large, disagree with the notion that it is only biggest who should set the global rules. Trump is reshaping the world order but perhaps not in the way he had imagined.
ABC News
an hour ago
- ABC News
US dollar hits multi-year low as analysts warn of dangers of Trump policies
The US dollar is on the slide with seemingly no end in sight to the sell-off. Investors are shying away from the world's reserve currency as traders grow increasingly uncertain about United States' economic policy. From a geo-political perspective, two days of high-level talks in London between China and the US have yielded little fruit. The talks were to resolve conflicts that had emerged since a 90-day pause was placed on US-imposed trade tariffs. The two countries first met in Geneva, and the talks this week in London helped to wrap up those discussions. US President Donald Trump took to his social media platform Truth Social and said: "Our deal with China is done, subject to final approval from President Xi and me." But officials from both sides said the London agreement would not alter the broad outlines of the May truce, which lowered — but did not eliminate — new tariffs announced by the two countries since Trump launched a new trade war earlier this year. Financial markets are becoming somewhat numb to the ongoing trade war dramas, with the exception of currency markets. The drawn-out trade discussions, and the lack of any binding trade deal with the US's major trading partners, have led to an exodus out of the US dollar "The US dollar is under renewed pressure, probing multi-year lows," InTouch senior FX analyst Sean Callow told the ABC. "[The US dollar] started 2025 with strong momentum as investors priced in a 'Trump trade' of dollar gains, backed by loose fiscal policy supporting growth and making the Fed reluctant to cut rates. "Things started to unravel in March as Trump's tariff campaign proved more aggressive than expected and administration officials said they were willing to tolerate a weaker economy in the short term. "Recession fears surged on the April 2 tariff announcement, hurting the dollar's yield support." This dynamic also led to an enormous US Treasury bond sell-off as global investors began to question the durability of the United States' fiscal position. This pushed investors, Mr Callow said, into the euro. "Moreover, the sell-off in long-term Treasuries raised fears of a 'Sell America' trade, largely benefiting the euro," he said. "USD weakness has helped the Aussie [dollar] push above 65 cents, reaching highs since November." The US Dollar Index (DXY) tracks the value of the US dollar against a basket of countries. It hit its lowest level since January 2022 on Thursday at 97.8 at 9pm AEST. While the US dollar's slide is supporting the Australian dollar, it's not created as much of an updraft for the local currency as expected. "It is clear that the Aussie [dollar] is not investors' preferred alternative to the US dollar," Mr Callow said. Further US dollar weakness and Australian dollar strength may depend on how currency traders view the credibility of the Trump administration's policies. University of Michigan professor Justin Wolfers says Donald Trump's recent intervention in the Los Angeles riots is another sign for the financial markets that his policies are unpredictable and unorthodox. "That this is a White House, not given to respecting the usual guardrails of civil society, [which] was clear on January 6th," he said. Professor Wolfers told the ABC there was a sense in the US that Trump was leading the US down a dangerous policy path. "The sense of things fraying is, I think, very dangerous," he said. "There's a deep fear among a lot of people over here. "How far does [Trump's interventions in state affairs] go? "You can't rule out anything. "There are hushed conversations in the hallways everywhere with people saying how far does this go? "Or maybe he does what emerging autocrats always do, which is just skate close enough, where you're not quite sure where the law is meant to be." The direction of US interest rates, as determined by the US Federal Reserve, will also hold sway in terms of the direction of both the US and Australian dollars. As for the tariff war, US Treasury Secretary Scott Bessent said he expected the US would extend the existing 90-day pause on some of its most aggressive tariffs to allow trade talks with other countries to continue. The Australian dollar continues to trade around 65 US cents, up 4.5 per cent since the start of the year.
