PM flags India as next chance for Trump meeting
Anthony Albanese has flagged a meeting with Donald Trump in India in early September as pressure builds on the government to make its case directly to the US president over defence spending and tariffs.
After Trump cancelled a scheduled meeting with Albanese on the sidelines of the G7 summit in Canada two weeks ago, and had no time to meet at the NATO summit in The Netherlands last week, the next likely option for their first face-to-face meeting was in the US in late September when Albanese addresses the United Nations General Assembly in New York.
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West Australian
an hour ago
- West Australian
Trump says Japan will receive trade letter
US President Donald Trump says Japan will be the recipient of a letter related to trade, following pledges by his administration to send letters to countries outlining tariffs they would need to pay to the United States. "I have great respect for Japan, they won't take our RICE, and yet they have a massive rice shortage," he said in a Truth Social post. "We'll just be sending them a letter, and we love having them as a Trading Partner for many years to come." Trump did not say what terms would be outlined in the letter. Kevin Hassett, director of the National Economic Council, told reporters at the White House that Trump "is going to finalise the frameworks we negotiated with a whole bunch of countries after the weekend". Trump has suggested that the US will be sending letters to many countries, informing them of the new tariff rates they will face from the US after a July 9 deadline when the president's 90-day pause on "reciprocal" tariffs expires. Hassett said of tariff negotiations with Japan that there will "still be discussions right up to the end". Hassett also confirmed on Monday that US-Canada trade negotiations would resume after Canada scrapped plans for a digital services tax targeting US technology firms. "Absolutely," Hassett said on Fox News Channel when asked about the talks restarting. White House press secretary Karoline Leavitt told reporters that Canadian Prime Minister Mark Carney called Trump on Sunday evening to tell him the tax was being dropped, calling it a big victory for US tech companies. "Very simple. Prime Minister Carney in Canada caved to President Trump and the United States of America," she said, crediting Trump's hard-line negotiating style for the shift. "President Trump knows ... that every country on the planet needs to have good trade relationships with the United States, and it was a mistake for Canada to vow to implement that tax that would have hurt our tech companies here in the United States," she said. Trump had asked Canada to drop the tax at a G7 meeting in Canada earlier in June, Hassett said. "It's something that they've studied, now they've agreed to, and for sure that means that we can get back to the negotiations." Canada's finance ministry said late on Sunday that Carney and Trump would resume trade negotiations in order to agree on a deal by July 21. "Thank you Canada for removing your Digital Services Tax which was intended to stifle American innovation and would have been a deal breaker for any trade deal with America," US Commerce Secretary Howard Lutnick responded in a post on X. Stocks hit record highs on Wall Street on Monday morning as sentiment in the markets rose amid optimism about US trade negotiations with key partners including Canada. US Treasury Secretary Scott Bessent also struck an optimistic tone over the potential for "a flurry" of trade deals ahead of a July 9 deadline, after which 10 per cent US tariff rates on imports from many countries are set to snap back to Trump's April 2 announced rates of 11 per cent to 50 per cent. But Bessent, speaking on Bloomberg Television, warned that countries may not get extensions from that deadline even if they are negotiating in good faith as he suggested previously. Any extensions would be up to Trump himself, Bessent said. Leavitt said Trump was meeting his trade team this week to set tariff rates for those countries that were not negotiating. "He is going to set the rates for many of these countries if they don't come to the table to negotiate in good faith, and he is meeting with his trade team this week to do that," she said. with AP
Perth Now
an hour ago
- Perth Now
Trump says Japan will receive trade letter
US President Donald Trump says Japan will be the recipient of a letter related to trade, following pledges by his administration to send letters to countries outlining tariffs they would need to pay to the United States. "I have great respect for Japan, they won't take our RICE, and yet they have a massive rice shortage," he said in a Truth Social post. "We'll just be sending them a letter, and we love having them as a Trading Partner for many years to come." Trump did not say what terms would be outlined in the letter. Kevin Hassett, director of the National Economic Council, told reporters at the White House that Trump "is going to finalise the frameworks we negotiated with a whole bunch of countries after the weekend". Trump has suggested that the US will be sending letters to many countries, informing them of the new tariff rates they will face from the US after a July 9 deadline when the president's 90-day pause on "reciprocal" tariffs expires. Hassett said of tariff negotiations with Japan that there will "still be discussions right up to the end". Hassett also confirmed on Monday that US-Canada trade negotiations would resume after Canada scrapped plans for a digital services tax targeting US technology firms. "Absolutely," Hassett said on Fox News Channel when asked about the talks restarting. White House press secretary Karoline Leavitt told reporters that Canadian Prime Minister Mark Carney called Trump on Sunday evening to tell him the tax was being dropped, calling it a big victory for US tech companies. "Very simple. Prime Minister Carney in Canada caved to President Trump and the United States of America," she said, crediting Trump's hard-line negotiating style for the shift. "President Trump knows ... that every country on the planet needs to have good trade relationships with the United States, and it was a mistake for Canada to vow to implement that tax that would have hurt our tech companies here in the United States," she said. Trump had asked Canada to drop the tax at a G7 meeting in Canada earlier in June, Hassett said. "It's something that they've studied, now they've agreed to, and for sure that means that we can get back to the negotiations." Canada's finance ministry said late on Sunday that Carney and Trump would resume trade negotiations in order to agree on a deal by July 21. "Thank you Canada for removing your Digital Services Tax which was intended to stifle American innovation and would have been a deal breaker for any trade deal with America," US Commerce Secretary Howard Lutnick responded in a post on X. Stocks hit record highs on Wall Street on Monday morning as sentiment in the markets rose amid optimism about US trade negotiations with key partners including Canada. US Treasury Secretary Scott Bessent also struck an optimistic tone over the potential for "a flurry" of trade deals ahead of a July 9 deadline, after which 10 per cent US tariff rates on imports from many countries are set to snap back to Trump's April 2 announced rates of 11 per cent to 50 per cent. But Bessent, speaking on Bloomberg Television, warned that countries may not get extensions from that deadline even if they are negotiating in good faith as he suggested previously. Any extensions would be up to Trump himself, Bessent said. Leavitt said Trump was meeting his trade team this week to set tariff rates for those countries that were not negotiating. "He is going to set the rates for many of these countries if they don't come to the table to negotiate in good faith, and he is meeting with his trade team this week to do that," she said. with AP
Sky News AU
2 hours ago
- Sky News AU
Australia 'lagging' behind insufficient 1.2 million new homes target, REA Group senior economist Anne Flaherty declares
Aussies desperate to break into the nation's housing market have been delivered a devastating reality check as Labor attempts to boost housing supply. The Albanese government has promised to build 1.2 million new homes by 2029. However, construction efforts in Australia have not matched up to the target which are also insufficient to meet the nation's housing needs, REA Group senior economist Anne Flaherty said. 'We are lagging,' Ms Flaherty said on Business Now. 'There are some positive signs that things are picking up a bit but if we continue on the trajectory that we're already on, we're looking at around a 20 per cent shortfall in the government's target of 1.2 million houses or homes. 'I should add to that … (Labor's) 1.2 million new homes is really what we need to keep the ratio of supply of homes to the population steady from where we are. 'With population growth continuing to outpace forecasts, that's likely to mean that this 1.2 million new homes - which we are unlikely to achieve - would already be below what we would actually need.' Ms Flaherty's warning comes as recent figures from the Australian Bureau of Statistics showed the nation is falling well short of its 1.2 million new home goal. If the government were to achieve its target, it would need to ensure 240,000 are built each year. However, ABS figures show that since the Housing Accord began in July 2024, only about 90,000 new dwellings have been completed. There were 90,136 houses built from July to December 2024 under the Albanese government, almost the same amount delivered by the Morrison government over the same period in 2021. The National Housing Supply and Affordability Council has projected the government will fall short of its target by more than 250,000 homes—or roughly 20 per cent. In separate findings, the ABS found that younger Aussies are struggling more to get their foot in the door of the housing market compared to previous generations. About half (55 per cent) of Millennials are homeowners, whereas 66 per cent of Baby Boomers were homeowners at the same age. In 1984, the average Australian could buy a home that cost 3.3 times their annual income, while in 2025, the average person faces house prices 10 times their annual pay packet. In the lead up to the 2025 Federal Election, both major parties put the nation's housing crisis under the microscope. Labor pledged $10b to build 100,000 homes exclusively for first home buyers and promised to guarantee mortgages for homeowners that can put down a five per cent deposit. The Coalition said it would allow home buyers to take upwards of $50,000 out of their super to put towards a down payment and vowed to unlock 500,000 new homes through $5b of investment in essential infrastructure.
