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US and China agree to critical extension, preventing tariff surge on the world's two largest economies

US and China agree to critical extension, preventing tariff surge on the world's two largest economies

9 News3 days ago
Your web browser is no longer supported. To improve your experience update it here Without the agreement, tariffs were set to immediately surge, risking a return to ultra-high levels that had formed an effective blockade on trade between the world's two largest economies. The news, first reported by CNBC, comes hours ahead of a 12.01am ET (2.01pm AEST) deadline when tariffs on Chinese goods were set to rise to 64 per cent from 30 per cent. US President Donald Trump speaks with reporters in the James Brady Press Briefing Room at the White House, Monday, August 11, 2025, in Washington. (AP Photo/Alex Brandon) It's unclear what rates China would have charged on American goods, which are currently subject to minimum 10 per cent tariffs. It also comes after Trump imposed a slew of "reciprocal" tariffs on trading partners around the world, which have raised the United States' effective tariff rate to levels not seen since the Great Depression. Higher tariffs on Chinese goods, America's second-largest source of imports, would have almost certainly raised the costs many American businesses and consumers could pay — or already are paying — because of increased import taxes Trump has enacted. After meeting in Sweden last month, Chinese negotiators went as far as to say that a deal was reached. Chinese President Xi Jinping applauds during an international business meeting at The Great Hall Of The People on March 28, 2025 in Beijing, China. (Getty) Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, both of whom attended the meeting, disputed that, saying nothing was final without Trump's word. "We'll see what happens. They've been dealing quite nicely. The relationship is very good with President Xi and myself," Trump said earlier on Monday. At the conclusion of last month's meeting with Chinese trade officials, Bessent said he warned his Chinese counterparts that continuing to purchase Russian oil would bring about huge tariffs under legislation in Congress that allows Trump to impose levies up to 500 per cent. It's not clear if the administration is prepared to double down on those threats yet. Trump recently threatened India, which also purchases Russian oil, albeit considerably less than China, with a 50 per cent tariff rate if it continues to do so by the end of this month. The move to penalize India and not other countries purchasing oil from Russia has been widely criticized by the Indian government, which claims it's being unfairly singled out. Trump suggested that more countries could face similar threats. "You're going to see a lot more. So this is a taste," he said last week. And over the weekend in a Fox News interview, Vice President JD Vance said such tariffs on China are on the table, though Trump had not yet made a decision. Containers are seen at the port in Qingdao, in China's eastern Shandong province, on August 4. The United States and China agreed to pause tariff hikes on each other's goods for an additional 90 days. (CNN) "Given that we seem to be headed toward some type of deal with China leading to some kind of meeting between Xi and Trump, the administration has definitely been more conciliatory towards China in the past few weeks," said Wendy Cutler, a former US trade negotiator who is now vice president of the Asia Society Policy Institute. Were China to give in to the administration's desires to stop purchasing Russian oil, it would be done "quietly and gradually" rather than a Trump announcement on social media, she added. Bessent also said he voiced concerns and regrets about China's sales of over $15 billion worth of dual-use technology equipment (that is, equipment that has both commercial and military uses) to Russia and its purchase of sanctioned Iranian oil. Another sticking point between the US and China has been exportations of rare earth magnets. China agreed to increase exports, but Trump says China has not held up its end of the bargain. The US also wants to find an American buyer for TikTok, which is currently owned by a Chinese company. Congress has set out a timeline for the app to find new ownership or face a US ban. US stocks closed lower Monday ahead of key inflation data set to be published Tuesday morning. World
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Russian spy haven Nornickel remains in Australia and spending big via West Perth subsidiary
Russian spy haven Nornickel remains in Australia and spending big via West Perth subsidiary

West Australian

time38 minutes ago

  • West Australian

Russian spy haven Nornickel remains in Australia and spending big via West Perth subsidiary

A Russian miner that harboured convicted spies in Western Australia controls a West Perth shell company inexplicably spending hundreds of thousands of dollars each year. The revelation comes less than three weeks after Australia's chief spy warned that Russia remains a 'persistent and aggressive espionage threat'. Nornickel, formerly Norilsk Nickel, is headquartered in Moscow and run by politician turned oligarch Vladimir Potanain. The billionaire is sanctioned by the Australian Government and is a close ally of Russia's leader Vladimir Putin. Mr Potanain's Nornickel splurged on a $7 billion acquisition of LionOre to begin building a WA nickel empire at the height of the mining boom in 2007. The nickel price soon crashed and following more than a decade of bleeding cash the Russian giant cut off its withered WA arm in June 2020 — declaring a 'strategic exit from Australian operations' with the sale of its remaining assets to BHP's Nickel West. Nornickel's numerous Australian subsidiaries were promptly wound up, except for one. This remaining subsidiary has a small letterbox in the foyer of a West Perth office building, with no other known property presence. Nornickel used to have floor space in the same building as the letterbox but the company abandoned that space at least two years ago, according to other tenants of the building who spoke to The West Australian. The West Perth-registered entity's financial accounts only raise more questions. More than $675,000 was mysteriously spent in 2024, despite there being no debts to pay or no assets to maintain during the year, with just over $467,000 left by December 31. About $800,500 was also mysteriously spent in 2023. East Perth-based Australian Audit received $5000 both years to audit the accounts. Nornickel's West Perth subsidiary was 'primarily involved in holding assets under care and maintenance,' according to commentary in its financial accounts. But WA's Department of Mines, Petroleum and Exploration confirmed this subsidiary had no assets on care and maintenance or any mining tenements under its control. The West Perth shell company paid $440,205 to 'key management personnel' during each of 2023 and 2024. Its immediate parent company was originally in the Netherlands but two years ago became domiciled on the Greek side of Mediterranean island nation Cyprus. Cypriot banks have been used to manoeuvre around Western World sanctions since the invasion of Ukraine began in 2022. Nornickel and Australian Audit declined to comment. A spokesperson for The Australian Security Intelligence Organisation declined to comment, but they pointed to a recent speech given by ASIO director general Mike Burgess. Mr Burgess called out Russia in this speech on July 31. 'Russia remains a persistent and aggressive espionage threat. Last year, two Russian-born Australian citizens were arrested and charged with an espionage-related offence,' he said. 'Separately, I can confirm in 2022 a number of undeclared Russian intelligence officers were removed from this country. 'The decision followed a lengthy ASIO investigation that found the Russians recruiting proxies and agents to obtain sensitive information, and employing sophisticated tradecraft to disguise their activities.' Mr Burgess said Russia was 'by no means the only country' Australia's domestic spy agency had to deal with. He said foreign intelligence agencies were aggressively targeting Australia's 'green technology, critical minerals and rare earths extraction and processing'. Nornickel was embroiled in a local spying scandal when The West Australian in 2013 revealed a convicted Russian spy was responsible for shepherding workers into a Goldfields nickel mine. Elena Vavilova was employed as a senior human resources manager at Nornickel, tasked with organising visas and travel for Russian nationals working at the company's WA operations. Just three years prior to this revelation, Ms Vavilova and her husband were involved in one of the biggest spying scandals in decades. They were among 10 agents of the Russian foreign intelligence service arrested in the United States by the FBI in a swoop on deep-cover operatives after an investigation spanning a decade. Ms Vavilova was quickly freed via a prisoner swap and personally awarded a state honour by Mr Putin on her return to Russia. Other ex-Nornickel employees in Australia, like Roman Panov — a director of Nornickel Australia in the 2010s — served as an officer in the former Soviet intelligence agency.

A MAGA influencer tried to be a tradwife in Australia. It almost broke her
A MAGA influencer tried to be a tradwife in Australia. It almost broke her

Sydney Morning Herald

timean hour ago

  • Sydney Morning Herald

A MAGA influencer tried to be a tradwife in Australia. It almost broke her

Lauren Southern, one of the most well-known right-wing influencers during Donald Trump's first term, first went viral with a 2015 video titled 'Why I Am Not a Feminist.' Then 19, beautiful and blond, Southern argued that women are advantaged in many areas of life, including child custody disputes and escaping abusive relationships. 'Feminists are unintentionally creating a world of reverse sexism that I don't want to be a part of,' she said. But being an antifeminist, it turns out, is no shield against abusive male power. Southern's new self-published memoir, This Is Not Real Life, is the story of conservative ideology colliding with reality. It's made headlines for her claim that Andrew Tate, an unrepentant online misogynist accused of human trafficking, sexually assaulted her in Romania in 2018. (Tate has denied this.) The book is particularly revealing, though, for its depiction of Southern's painful attempts to contort herself into an archetypical tradwife, an effort that left her almost suicidal. Her story should be a cautionary tale for the young women who aspire to the domestic life she once evangelised for. Despite the presence of a few high-profile women in Trump's administration, the right is increasingly trying to drive women out of public life. Some of this push comes from the unabashed patriarchs atop the Republican Party; last week, Defence Secretary Pete Hegseth reposted a video in which leaders of his Christian denomination said that women shouldn't be allowed to vote. ('All of Christ for All of Life,' wrote Hegseth.) But there are also female influencers who present housewifery as the ultimate in wellness, an escape from the soulless grind of the workplace. 'Less Prozac, more protein,' podcast host Alex Clark told thousands of listeners at a conservative women's conference in June. 'Less burnout, more babies, less feminism, more femininity.' (Clark is unmarried and has no children.) This Instagram-inflected traditionalism is taking hold at a time when the workplace is becoming even less friendly to women. As The Washington Post reported last week, large numbers of mothers have left the workforce this year. Many have been driven out by return-to-office mandates and a backlash against diversity policies that's led to hostile working environments. But some, according to the Post, 'say they are giving up jobs happily, in line with MAGA culture and the rise of the traditional wife'. Southern had more reason than most to want to retreat into the cult of domesticity. As she recounts in her memoir, her antifeminist video helped propel her to international notoriety, and soon she was travelling the world as an avatar of irreverent online reaction. She gave out flyers saying, 'Allah is a Gay God' in a Muslim neighbourhood in England, popularised the idea that there's a white genocide in South Africa and interviewed reactionary philosopher Alexander Dugin on a trip to Moscow seemingly arranged by shadowy Russian interests. It was during this phase of her life that she said she was assaulted by Tate, who was just beginning to build his global brand. Her politics made the trauma particularly hard to process. 'It wouldn't be very helpful to 'the cause' (or my career, for that matter) for me to become exactly what I criticised,' wrote Southern. 'A victim.' After her encounter with Tate, she wrote, her life 'unravelled.' She yearned to escape her own infamy and the need to keep shovelling more outrageous content into the internet's insatiable maw. So when she met a man who wanted to settle down, she jumped at the chance to give up her career and become a stay-at-home wife and mother. She posted photos of herself baking, and 'selfies in the mirror showing how quickly I had bounced back to fitness and health after pregnancy'.

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