logo
'Not the act of a friend': Australia angry over Trump tariffs

'Not the act of a friend': Australia angry over Trump tariffs

Yahoo03-04-2025

Australia has been hit with a tariff of at least 10% on all exports to the US, as Donald Trump announced his new sweeping global trade regime.
Trump cited "trade barriers" such as Australia's biosecurity laws - singling out a ban on the import of US beef - as the reason for what he called a "reciprocal tariff".
Australian Prime Minister Anthony Albanese called the measure "totally unwarranted", but said the nation would not introduce its own tariffs in return, instead seeking a return to the negotiation table.
The 10% dealt to Australia was the "baseline" measure, with the most severe tariffs - of up 49% - hitting countries like China, Malaysia, Vietnam and Cambodia.
"President Trump referred to reciprocal tariffs. A reciprocal tariff would be zero, not 10%," Albanese said at a press conference on Thursday.
"The administration's tariffs have no basis in logic and they go against the basis of our two nation's partnership. This is not the act of a friend," he added.
The new measures come only weeks after President Trump imposed 25% tariffs on Australian steel and aluminium imports.
However, the prime minister said Australia would not be retaliating on US goods.
"We will not join a race to the bottom that leads to higher prices and slower growth," he said.
But he warned the tariffs would have consequences for how Australians see ties with the US, and that the country would resort to formal "dispute resolution mechanisms" contained in its free trade agreement with the US if necessary.
During his "Liberation Day" speech, Trump pointed to Australia's ban on fresh beef from the US - which was introduced in 2003, after cases of mad cow disease, an infectious neurological illness, were discovered in North America.
"They're wonderful people and wonderful everything, but they ban American beef," he said.
"They don't want it because they don't want it to affect their farmers."
"I don't blame them, but we're doing the same thing right now," Trump added.
Meloni says Trump tariffs are 'wrong' as world leaders react
Trump's tariffs on China, EU and more, at a glance
The tariffs have also drawn an angry response from Australia's National Farmers' Federation (NFF), who expressed "profound disappointment".
"This decision is a disappointing step backward for our nations and for the global economy," NFF President David Jochinke said.
The NFF said the US's decision created "unnecessary uncertainty", but vowed to work closely with the federal government to seek a resolution.
Along with its biosecurity rules, Australia's subsidised medicines scheme and laws requiring foreign tech companies to pay local media for news had drawn the US's ire in recent tariff discussions.
Albanese earlier this week said those issues were non-negotiable: "I continue to stand up for Australia and have said very clearly we won't compromise and negotiate on our PBS [Pharmaceutical Benefits Scheme], on our biosecurity, on our media bargaining code."
The US is one of Australia's most important trading relationships, raking fifth for exports. China, however, dwarfs all of Australia's other trade partners - in 2023-24, A$212.7bn (£102.2bn, $133.4) was exported to the Asian superpower.
In comparison, last year, Australia exported $37.5bn in goods and services to the US. Business services were the biggest sector at $6.2bn, followed by intellectual property charges and beef. In the same year, Australia imported $88.2bn in goods and services from the US.
What are tariffs and why is Trump using them?
China and Australia: Frenemies who need each other
Albanese faces headwinds ahead of Australian election

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

UK economy contracted sharply in April after Trump's tariffs
UK economy contracted sharply in April after Trump's tariffs

Yahoo

time4 minutes ago

  • Yahoo

UK economy contracted sharply in April after Trump's tariffs

The UK economy shrank more than expected in April as the worst of President Trump's tariffs hit, according to the latest official figures. The standard measure of economic output (GDP) contracted a sharp 0.3% in April, data from the Office for National Statistics (ONS) showed. During the month, Mr Trump's so-called "Liberation Day" applied steep tariffs to countries around the world and sparked a trade war with China, the world's second-largest economy. It's worse than expected by economists. A contraction of just 0.1% had been forecast by economists polled by the Reuters news agency. Bad news for Reeves It's bad news for Chancellor Rachel Reeves, who has made the push for economic growth her number one priority. Additional costs on businesses were also levied during the month, as higher minimum wages and employer national insurance contributions took effect. When looked at over a three-month period, however, the economy grew. The expectation of trade upset looks to have pushed business activity forward to the first few months of the year. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

Trump booed and cheered at the Kennedy Center while attending 'Les Misérables'
Trump booed and cheered at the Kennedy Center while attending 'Les Misérables'

Yahoo

time7 minutes ago

  • Yahoo

Trump booed and cheered at the Kennedy Center while attending 'Les Misérables'

WASHINGTON (AP) — The drama in the audience rivaled the spectacle on stage on Wednesday at the Kennedy Center, where President Donald Trump went to the opening night of 'Les Misérables' as he tightens his grip on the venerable performing arts institution. It was his first time attending a show there since his election, and he was booed and cheered as he took his seat alongside first lady Melania Trump. Near the end of the intermission, someone loudly cursed his name, drawing applause. Several drag queens were in the crowd, their presence a protest against Trump's complaints that the Kennedy Center had hosted too many drag shows in the past. Despite the condemnation, the event had a MAGA-does-Broadway feel. Ric Grenell, the Trump-appointed interim leader of the Kennedy Center, was there, as were Vice President JD Vance and his wife, Usha. Before the show began, Attorney General Pam Bondi chatted with guests and Health and Human Services Secretary Robert F. Kennedy Jr. took selfies. Laura Loomer, the conspiracy theorist who has advised Trump on personnel decisions, posted a video from a seat near the stage. Trump walked the red carpet with the first lady when they arrived at the Kennedy Center, which he's been remaking in his image while excising what he describes as liberal ideology. 'We want to bring it back, and we want to bring it back better than ever,' Trump said. The Republican president has a particular affection for 'Les Misérables,' the sprawling musical set in 19th-century France, and has occasionally played its songs at his events. One of them, 'Do You Hear the People Sing?,' is a revolutionary rallying cry inspired by the 1832 rebellion against the French king. The three-hour production featured singing and dancing, with the sounds of explosions and gunfire filling the theater as protesters and soldiers clashed on stage. For Trump's critics, it was an unnerving echo of what's unfolding in Los Angeles, where Trump has deployed National Guard troops in response to protests over his deportation policies. 'Someone explain the plot to him," California Gov. Gavin Newsom, a Democrat, wrote on social media. Terry Gee, a bartender, bought his ticket for the show in November and didn't mind Trump's presence. It's his sixth time seeing 'Les Misérables,' and he said, 'I'm going to enjoy the show regardless." Hannah Watkins, a nurse, only learned that Trump would be there when the Kennedy Center distributed information about extra security and she searched online to see what was happening. 'I've seen a lot of famous people so far, which is exciting,' said Watkins, who had claimed a spot near the VIP entrance with her mother. 'Honestly, we just like 'Les Mis' and are excited to be here.' Before Trump, presidential involvement in the Kennedy Center's affairs had been limited to naming members to the board of trustees and attending the taping of its annual honors program in the fall. But after returning to office in January, Trump stunned the arts world by firing the Kennedy Center's longtime director and board and replacing them with loyalists, who then named him as chairman. Trump promised to overhaul its programming, management and even appearance as part of an effort to put his stamp on the national arts scene. His latest moves have upset some of the center's patrons and performers. In March, the audience booed the Vances after they slipped into upper-level seats to hear the National Symphony Orchestra. Trump appointed Usha Vance to the Kennedy Center board along with Bondi, White House chief of staff Susie Wiles and Fox News Channel hosts Maria Bartiromo and Laura Ingraham, among other supporters. Sales of subscription packages are said to have declined since Trump's takeover, and several touring productions, including 'Hamilton,' have canceled planned runs at the center. Actor Issa Rae and musician Rhiannon Giddens scrapped scheduled appearances, and Kennedy Center consultants including musician Ben Folds and singer Renée Fleming resigned. Understudies may have performed in some roles Wednesday night because of boycotts by 'Les Misérables' cast members, but Trump said he wasn't bothered by anyone skipping the performance. 'I couldn't care less,' he said. Since returning to the White House in January, Trump has adopted a more aggressive posture toward the arts. The White House has taken steps to cancel millions of dollars in previously awarded federal humanities grants to arts and culture groups, and Trump's budget blueprint proposed eliminating the National Endowment for the Arts and the National Endowment for the Humanities. Trump has also targeted Smithsonian museums by signing executive orders to restrict their funding and by attempting to fire the director of the National Portrait Gallery. The president characterized previous programming at the Kennedy Center as 'out of control with rampant political propaganda' and said it featured 'some very inappropriate shows,' including a 'Marxist anti-police performance' and 'lesbian-only Shakespeare.' The Kennedy Center, which is supported by government money and private donations, opened in 1971 and for decades has been seen as an apolitical celebration of the arts. It was first conceived in the late 1950s during the administration of Republican President Dwight Eisenhower, who backed a bill from the Democratic-led Congress calling for a National Culture Center. In the early 1960s, Democratic President John F. Kennedy launched a fundraising initiative, and his successor, President Lyndon B. Johnson, signed into law a 1964 bill renaming the project the John F. Kennedy Memorial Center for the Performing Arts. Kennedy had been assassinated the year before. ___ Associated Press writer Mark Kennedy in New York contributed to this report. Darlene Superville And Chris Megerian, The Associated Press

Semi-conductor group Alphawave is latest tech company to quit London listing as it agrees £1.8bn takeover
Semi-conductor group Alphawave is latest tech company to quit London listing as it agrees £1.8bn takeover

Yahoo

time7 minutes ago

  • Yahoo

Semi-conductor group Alphawave is latest tech company to quit London listing as it agrees £1.8bn takeover

Semi-conductor group Alphawave IP is to become the latest major London listed company to leave the stock market after agreeing a £1.8 billion takeover from US chip giant Qualcomm. The Gresham Street headquartered company told shareholders this morning it had finally struck a deal with its suitor after an extension for the takeover deadline was extended for the fifth time last week. Anglo-Canadian Alphawave listed in London in May 2021 when it sold £856 million of shares in an IPO valuing it at £3.1 billion. It is the latest in a stream of tech companies to quit their London listings. Last week fintech Wise said it is switching its primary listing to America. The deal overshadowed the launch of London Tech Week which was attended by Keir Starmer and Nvidia boss Jensen Huang. Darius McDermott, managing director at investment research agency FundCalibre said:'It's a telling contrast: the Prime Minister courts Nvidia's Jensen Huang just as another UK tech success story, Alphawave, is set to be acquired by an American buyer. 'Our view is the government must prioritise policies that support domestic UK capital markets – not kill them. They are critical for a well-functioning economy and society. For too long, the government has neglected, overregulated and taxed them, driving liquidity and investment out of the UK.' Alphawave, which is advised by Goldman Sachs and BMO, originally confirmed it was in talks about a sale as long ago as 1 April. But it has repeatedly pushed back the so called 'put up or shut up' deadline. Under the terms of the now agreed acquisition Alphawave shareholders will receive $2.48 in cash for each share, equivalent to 183 p. It represents a 96% premium to the share price before the start of takeover speculation. Alphawave shareholders have an option to receive the cash in sterling or in new Qualcomm shares at a rate of 0.01662 Qualcomm shares for each Alphawave share held. There is also a further alternative of 0.00964 of a New Series A Qualcomm Exchangeable Security and 0.00698 of a New Series B Qualcomm Exchangeable Security for each Alphawave share. Tony Pialis, President and chief executive officer of Alphawave, said:"Qualcomm's acquisition of Alphawave represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers. 'By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities. Together, we will unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions. For our shareholders, the Alphawave Board is pleased that Qualcomm's offer provides an opportunity to realise compelling value for their shares." Cristiano Amon, President and chief executive officer of Qualcomm, said:"Under Tony's leadership Alphawave has developed leading high-speed wired connectivity and compute technologies that are complementary to our power-efficient CPU and NPU cores. Qualcomm's advanced custom processors are a natural fit for data centre workloads. 'The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data centre infrastructure." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store