Donald Trump will never serve Australia's ‘national interest'
Australian businesses could face tariffs of 15 to 20 per cent to trade in the United States, according to President Donald Trump.
Mr Conroy said Donald Trump will never serve Australia's 'national interest'.
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Perth Now
31 minutes ago
- Perth Now
Wall St selloff sparked by Trump tariffs
Wall St plunged after President Donald Trump announced a slew of steep new tariffs. (EPA PHOTO) Wall St plunged after President Donald Trump announced a slew of steep new tariffs. (EPA PHOTO) Credit: AAP Wall Street's main indexes declined sharply as new US tariffs on dozens of trading partners and Amazon's unimpressive earnings weighed on sentiment, while a weaker payrolls report added to risk aversion. Hours ahead of the tariff deadline, President Donald Trump signed an executive order on Friday imposing duties on US imports from countries including Canada, Brazil, India and Taiwan. Data showed US job growth slowed more than expected in July while the prior month's data was revised sharply lower, pointing to a sharp moderation in the labour market. "This was a pretty disappointing report ... markets are getting a little bit more worried about the state of the labour market in the aftermath of today's report," said BeiChen Lin, senior investment strategist at Russell Investments. Following the data, traders have raised their bets for a September interest rate cut to 81.9 per cent, according to CME's FedWatch tool. In early trading on Friday, the Dow Jones Industrial Average fell 633.77 points, or 1.44 per cent, to 43,491.55, the S&P 500 lost 107.59 points, or 1.70 per cent, to 6,231.80 and the Nasdaq Composite lost 483.70 points, or 2.29 per cent, to 20,638.74. The S&P 500 and the Nasdaq fell to a more than two-month low each, while the Dow slipped to an over one-month low. The CBOE Volatility index, also known as Wall Street's fear gauge, jumped to a near six-week high and was last up 20.66 points. Eight of the 11 S&P 500 sector indexes declined, led by consumer discretionary, which was down 3.4 per cent as Amazon slid 6.7 per cent. The company's growth in its cloud computing unit failed to impress investors, in contrast to robust gains reported by AI-focused rivals Alphabet and Microsoft. Technology and communication services indexes fell 1.9 per cent and 1.5 per cent, respectively. Apple posted its current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. The stock edged 0.2 per cent lower. Most major megacap stocks fell, with Nvidia down 3.1 per cent, Tesla falling 2.6 per cent, Meta Platforms down 2.5 per cent, and Alphabet losing 1.4 per cent. Financials fell 2.2 per cent, with Coinbase Global falling 16.2 per cent after the crypto exchange reported a drop in adjusted profit for the second quarter. Industrial tools supplier WW Grainger dropped 9.2 per cent after slashing its forecast for annual profit. Trump said on Friday the Federal Reserve's board should assume control if the central bank's chair, Jerome Powell, continues to refuse to lower interest rates. Powell, despite pressure from Trump to cut rates, has indicated the central bank was in no rush to do so. The day's sharp losses put the S&P 500 and the Nasdaq on track for weekly losses, offsetting the week's earlier gains on signs of economic resilience, AI boost, and key US trade agreements with top partners such as the European Union and South Korea. Declining issues outnumbered advancers by a 2.93-to-1 ratio on the NYSE, and by a 4.43-to-1 ratio on the Nasdaq. The S&P 500 posted six new 52-week highs and 18 new lows, while the Nasdaq Composite recorded 8 new highs and 131 new lows.
ABC News
31 minutes ago
- ABC News
Cracks emerge in US jobs market as Trump advances punishing tariff agenda
The US job market is showing weakness as companies grappled with US President Donald Trump's sweeping tariffs, government data showed on Friday. US job growth missed expectations in July, the data showed, and revisions to hiring figures in recent months brought them to the weakest levels since the Covid-19 pandemic. The employment data points to cracks in the key jobs market as companies took a cautious approach in hiring and investment and puts pressure on the central bank as it mulls the best time to cut interest rates. The Labor Department reported that US employers added just 73,000 jobs last month, well short of the 115,000 forecasters had expected. The jobless rate nudged up from 4.1 per cent to 4.2 per cent. Experts have warned that private sector firms appear to be in a wait-and-see mode due to heightened uncertainty over Mr Trump's rapidly-changing trade policy. With tariff levels climbing since the start of the year, both on imports from various countries and on sector-specific products such as steel, aluminium and autos, many firms have faced higher business costs. Some are now passing them along partially to consumers. On Friday, the Department of Labor said hiring numbers for May were revised down from 144,000 to 19,000. The figure for June was shifted from 147,000 to 14,000. This was notably lower than job creation levels in recent years. During the pandemic, the economy lost jobs. Average hourly learnings rose by 0.3 per cent to $36.44 in July, the Labor Department said. It added that employment continued rising in health care and in social assistance, while the federal government continued shedding jobs. "This is a game-changer jobs report. The labour market is deteriorating quickly," said Heather Long, chief economist at the Navy Federal Credit Union. She added in a note that of the growth in July, "75 per cent of those jobs were in one sector: healthcare." The US economy has added an average of just 35,000 jobs per month since May, data showed. "The economy needs certainty soon on tariffs," said Ms Long. "The longer this tariff whiplash lasts, the more likely this weak hiring environment turns into lay-offs." But it remains unclear when the dust will settle, with Mr Trump ordering the reimposition of steeper tariffs on scores of economies late Thursday that are set to take effect in a week. Mr Trump also raised tariffs on Canadian imports, while maintaining existing exemptions. Joel Kan, chief economist at the Mortgage Bankers Association, said that for now, "goods-producing industries saw contraction for the third straight month." "Service industries involved in trade also saw declines in job growth, potentially a result of the uncertain tariff environment, as businesses either put their activity on pause or pulled back altogether," Mr Kan added in a note. A sharp weakening in the labour market could push the Federal Reserve toward slashing interest rates sooner to shore up the economy. On Friday, the two Fed officials who voted this week against the central bank's decision to keep rates unchanged warned that standing pat risks further damaging the economy. Both Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller argued that the inflationary effects of tariffs were temporary. They added in separate statements that the bank should focus on fortifying the economy to avert further weakening in the labour market. Putting off an interest rate cut "could result in a deterioration in the labour market and a further slowing in economic growth," Ms Bowman added. "I believe that the wait and see approach is overly cautious," said Mr Waller. AFP/AP
ABC News
an hour ago
- ABC News
US envoy Steve Witkoff visits Gaza as humanitarian crisis worsens
US President Donald Trump's special envoy Steve Witkoff visited southern Gaza, amid international outrage over starvation, shortages and deadly chaos near aid distribution sites. With food scarce and parcels being airdropped, Mr Witkoff and US Ambassador to Israel Mike Huckabee toured one of Gaza Humanitarian Foundation's (GHF) distribution sites in Rafah, on Friday. Chapin Fay, the group's spokesperson, said the visit reflected Mr Trump's understanding of the stakes and that "feeding civilians, not Hamas, must be the priority". All four of the group's sites are in zones controlled by the Israeli military and have become flashpoints of desperation during their months of operation, with starving people scrambling for scarce aid. Hundreds have been killed by either gunfire or trampling. The Israeli military said it had only fired warning shots at people who approach its forces, and the GHF said its armed contractors have only used pepper spray or fired warning shots to prevent deadly crowding. Mr Witkoff's visit comes a week after US officials walked away from ceasefire talks in Qatar, blaming Hamas and pledging to seek other ways to rescue Israeli hostages and make Gaza safe. White House press secretary Karoline Leavitt said on Thursday that Mr Witkoff was sent to craft a plan to boost food and aid deliveries, while Mr Trump wrote on social media that the fastest way to end the crisis would be for Hamas to surrender and release hostages. Officials at Nasser Hospital in southern Gaza said they have received the bodies of 25 people, including 13 who were killed while trying to get aid, including near the site that US officials visited. GHF denied anyone was killed at their sites on Friday and said most recent incidents had taken place near United Nations aid convoys. The remaining 12 were killed in air strikes, the officials said. Israel's military did not immediately comment. International organisations have said Gaza has been on the brink of famine for the past two years. The Integrated Food Security Phase Classification, the leading international authority on food crises, said recent developments, including a complete blockade on aid for two and a half months, mean the "worst-case scenario of famine is currently playing out in Gaza." Though the flow of aid has resumed, including via airdrops, the amount getting into Gaza remains far lower than what aid organisations say is needed. A security breakdown in the territory has made it nearly impossible to safely deliver food to starving Palestinians, much of the limited aid entering is hoarded and later sold at exorbitant prices. At a press conference in Gaza City, representatives of the territory's influential tribes accused Israel of empowering factions that loot aid sites and implored Mr Witkoff to stay several hours in Gaza to witness life firsthand. In a report issued Friday, Human Rights Watch called the current set-up "a flawed, militarised aid distribution system that has turned aid distributions into regular bloodbaths." "It would be near impossible for Palestinians to follow the instructions issued by GHF, to stay safe, and receive aid, particularly in the context of ongoing military operations, Israeli military sanctioned curfews, and frequent GHF messages saying that people should not travel to the sites before the distribution window opens," the report said. It cited doctors, aid seekers and at least one security contractor. Since the group's operations began in late May, hundreds of Palestinians have been killed in shootings by Israeli soldiers while on roads heading to the sites, according to witnesses and health officials. The Israeli military has said its troops have only fired warning shots to control crowds. Responding to the report, Israel's military blamed Hamas for sabotaging the aid distribution system but said it was working to make the routes under its control safer for those travelling to aid sites. GHF did not immediately respond to questions about the report. The group has never allowed journalists to visit their sites and Israel's military has barred reporters from independently entering Gaza throughout the war. International condemnations have mounted as such reports trickle out of Gaza, including from aid organisations that previously oversaw distribution. A video published on Thursday by the UN Office for the Coordination of Humanitarian Affairs (OCHA) showed an aid convoy driving past a border crossing as gunfire ricocheted off the ground near where crowds congregated. "We were met on the road by tens of thousands of hungry and desperate people who directly offloaded everything from the backs of our trucks," said Olga Cherevko, an OCHA staff member. Some of Israel's traditional allies have moved toward recognising Palestinian statehood hoping to revive prospects of a two-state solution. Germany has thus far refrained from doing so. On a tour in the occupied West Bank, Germany's Foreign Minister Johann Wadephul, called on Israel to be open to making peace and said Hamas militants should lay down their weapons and release the hostages. Speaking in the Christian-majority village of Taybeh, Mr Wadephul called Israeli settlements in the West Bank a key obstacle to a two-state solution. He condemned settler violence and destruction, and criticised the Israeli military for failing to do more to prevent the attacks. The frequency of settler attacks in the West Bank have increased since the war between Israel and Hamas began, according to the United Nations. The conflict erupted on October 7 2023, when Hamas attacked southern Israel, killing around 1,200 people and abducting 251 others. Hamas still hold 50 hostages, including around 20 believed to be alive. Most of the others have been released in ceasefires or other deals. Israel's retaliatory offensive has killed more than 60,000 Palestinians, according to Gaza's Health Ministry. Its count doesn't distinguish between militants and civilians. The ministry operates under the Hamas government. The UN and other international organisations see it as the most reliable source of data on casualties. AP
