ASX 200 dives after US President Donald Trump reveals baseline tariffs could be either 15 or 20 per cent
The index was down 0.3 per cent in the first 45 minutes of trading after finishing up about 0.4 per cent on Monday.
Australia's major banks all dived with the Commonwealth Bank of Australia, the index's largest company, diving one per cent while NAB lost 0.7 per cent and both Westpac and ANZ have sunk 1.1 per cent.
Boss Energy has continued to nosedive, shedding 4.2 per cent, after it suffered a 42 per cent wipeout on Monday.
Viva Energy has slumped more than 10 per cent after warning investors about lower earnings.
The dive comes as Trump told reporters he could hike the baseline tariff from 10 per cent to either 15 or 20 per cent.
'We're going to be setting a tariff for, essentially, the rest of the world,' the US President said.
'That's what they're going to pay if they want to do business in the United States, because you can't sit down and make 200 deals.'
Asked how steep the new tariff could be, Mr Trump replied: 'I would say it'll be somewhere in the 15 to 20 per cent range. I just want to be nice,' he added.
'Probably one of those two numbers.'
Wall Street was mixed on Monday with the Dow Jones sinking 0.1 per cent, the S&P 500 finishing flat and the Nasdaq adding 0.3 per cent.
London's FTSE 250 Index shed 0.8 per cent on Monday, the STOXX Europe 600 fell 0.2 per cent and Germany's DAX dived more than one per cent.
New Zealand's NZX 50 has sank 0.2 per cent and Japan's Nikkei 225 is down 0.7 per cent since trading began on Tuesday.
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Sky News AU
4 hours ago
- Sky News AU
Donald Trump unhappy with grim US jobs report
The US Bureau of Labor Statistics has delivered a report reflecting a significant downturn in the job market following recent tariffs. Job numbers from May and June were revised down drastically and American companies only added about 73,000 jobs in July. In response, President Donald Trump is calling for the head of the bureau to be fired.

News.com.au
5 hours ago
- News.com.au
Donald Trump's tariffs have a large role to play in Australia's interest rates cycle
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The challenge posed by tariffs to the path of interest rates was recently summed up by JPMorgan Chase (the world's most valuable bank) CEO Jamie Dimon at an event hosted by the Irish government. 'The market is pricing a 20% chance (of rising interest rates). I would price in a 40-50% chance I would put that as a cause for concern,' Dimon said. Dimon went on to cite the Trump administration's tariffs, the restructuring of global trade and the growing U.S government budget deficit as inflationary forces impacting the path forward for interest rates. While U.S interest rates can and do rise and fall independently of those of other nations, they are also the most important global benchmark. Theoretically, the U.S Federal Reserve holding a higher interest rate than the RBA can have two major knock on effects for Australia. It can force a repricing of Australian interest rates to better reflect the global benchmark. 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The Advertiser
8 hours ago
- The Advertiser
Trump fires jobs data commissioner after dismal report
US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation. US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation. US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation. US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation.