Warren Buffett's record is one big argument against competition
Warren Buffett, in the eyes of JPMorgan Chase's chief executive Jamie Dimon, represents 'everything that is good about American capitalism and America itself – investing in the growth of our nation and its businesses with integrity, optimism, and commonsense'.
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The Advertiser
2 hours ago
- The Advertiser
Nats leader fears US beef deal will butcher biosecurity
Allowing US beef to enter Australia to avoid tariffs imposed by Donald Trump would pose a significant risk to farmers, the prime minister has been warned. The federal government is considering granting more American beef producers access to the local market as Anthony Albanese seeks to strike a tariff deal in a potential meeting with the US president. But Nationals leader David Littleproud has urged Mr Albanese not to put the industry at risk, saying an introduction of US beef would threaten biosecurity. "It's important that the federal government looks Australian farmers in the eyes and says to them that they won't be collateral in trying to cut a deal with President Trump," he told reporters in Brisbane on Friday. "We should not take a backward step and concede by a security code deposit of protecting the agricultural industry here in Australia." Beef imports from the US have been banned in Australia since 2003 after an outbreak of mad cow disease. The ban was overturned in 2019 for cattle raised and slaughtered in the US, but large amounts of beef sent to American abattoirs come from Mexico or Canada. Mr Littleproud said ensuring the origin of beef imported into Australia was critical. "This will decimate the agricultural sector if we blink and allow President Trump to be able to roll over us on biosecurity," he said. "Traceability is so important and this is why we shouldn't be playing with President Trump talking about biosecurity. "We should be talking about a rules-based order of trade." Demand for Australian beef has been strong due to the ongoing drought in the US and America's lower herd numbers. At the end of 2024, a much lower supply from the US was improving Australian prices and international market value. The prime minister is expected to meet with Mr Trump on the sidelines of the G7 conference or in the US in mid-June, after the US president exempted the UK from his supercharged tariffs. The UK deal offers hope to Australia, if the government plays its cards correctly, but Mr Albanese confirmed any tariff deal would not be at the expense of Australia's biosecurity. "We will not change or compromise any of the issues regarding biosecurity," he told ABC Radio on Friday. "If things can be sorted out in a way that protects our biosecurity, of course, we don't just say 'no, we don't want imports here' for the sake of it. "But our first priority is biosecurity." National Farmers Federation president David Jochinke welcomed the comments and said biosecurity assessment processes were crucial to ensuring imports were safe. The Department of Agriculture is reviewing Mexican and Canadian beef. Mr Albanese has had three conversations with Mr Trump but said he was looking forward to meeting him in person, calling him an "interesting character". Though US beef is up for discussion, Health Minister Mark Butler ruled out bargaining with Australia's Pharmaceutical Benefits Scheme. Government officials insist they seek a full exemption from all tariffs after Mr Trump imposed a 50 per cent steel and aluminium tariff on all trading partners except the UK, on top of his baseline 10 per cent "Liberation Day" levies. Allowing US beef to enter Australia to avoid tariffs imposed by Donald Trump would pose a significant risk to farmers, the prime minister has been warned. The federal government is considering granting more American beef producers access to the local market as Anthony Albanese seeks to strike a tariff deal in a potential meeting with the US president. But Nationals leader David Littleproud has urged Mr Albanese not to put the industry at risk, saying an introduction of US beef would threaten biosecurity. "It's important that the federal government looks Australian farmers in the eyes and says to them that they won't be collateral in trying to cut a deal with President Trump," he told reporters in Brisbane on Friday. "We should not take a backward step and concede by a security code deposit of protecting the agricultural industry here in Australia." Beef imports from the US have been banned in Australia since 2003 after an outbreak of mad cow disease. The ban was overturned in 2019 for cattle raised and slaughtered in the US, but large amounts of beef sent to American abattoirs come from Mexico or Canada. Mr Littleproud said ensuring the origin of beef imported into Australia was critical. "This will decimate the agricultural sector if we blink and allow President Trump to be able to roll over us on biosecurity," he said. "Traceability is so important and this is why we shouldn't be playing with President Trump talking about biosecurity. "We should be talking about a rules-based order of trade." Demand for Australian beef has been strong due to the ongoing drought in the US and America's lower herd numbers. At the end of 2024, a much lower supply from the US was improving Australian prices and international market value. The prime minister is expected to meet with Mr Trump on the sidelines of the G7 conference or in the US in mid-June, after the US president exempted the UK from his supercharged tariffs. The UK deal offers hope to Australia, if the government plays its cards correctly, but Mr Albanese confirmed any tariff deal would not be at the expense of Australia's biosecurity. "We will not change or compromise any of the issues regarding biosecurity," he told ABC Radio on Friday. "If things can be sorted out in a way that protects our biosecurity, of course, we don't just say 'no, we don't want imports here' for the sake of it. "But our first priority is biosecurity." National Farmers Federation president David Jochinke welcomed the comments and said biosecurity assessment processes were crucial to ensuring imports were safe. The Department of Agriculture is reviewing Mexican and Canadian beef. Mr Albanese has had three conversations with Mr Trump but said he was looking forward to meeting him in person, calling him an "interesting character". Though US beef is up for discussion, Health Minister Mark Butler ruled out bargaining with Australia's Pharmaceutical Benefits Scheme. Government officials insist they seek a full exemption from all tariffs after Mr Trump imposed a 50 per cent steel and aluminium tariff on all trading partners except the UK, on top of his baseline 10 per cent "Liberation Day" levies. Allowing US beef to enter Australia to avoid tariffs imposed by Donald Trump would pose a significant risk to farmers, the prime minister has been warned. The federal government is considering granting more American beef producers access to the local market as Anthony Albanese seeks to strike a tariff deal in a potential meeting with the US president. But Nationals leader David Littleproud has urged Mr Albanese not to put the industry at risk, saying an introduction of US beef would threaten biosecurity. "It's important that the federal government looks Australian farmers in the eyes and says to them that they won't be collateral in trying to cut a deal with President Trump," he told reporters in Brisbane on Friday. "We should not take a backward step and concede by a security code deposit of protecting the agricultural industry here in Australia." Beef imports from the US have been banned in Australia since 2003 after an outbreak of mad cow disease. The ban was overturned in 2019 for cattle raised and slaughtered in the US, but large amounts of beef sent to American abattoirs come from Mexico or Canada. Mr Littleproud said ensuring the origin of beef imported into Australia was critical. "This will decimate the agricultural sector if we blink and allow President Trump to be able to roll over us on biosecurity," he said. "Traceability is so important and this is why we shouldn't be playing with President Trump talking about biosecurity. "We should be talking about a rules-based order of trade." Demand for Australian beef has been strong due to the ongoing drought in the US and America's lower herd numbers. At the end of 2024, a much lower supply from the US was improving Australian prices and international market value. The prime minister is expected to meet with Mr Trump on the sidelines of the G7 conference or in the US in mid-June, after the US president exempted the UK from his supercharged tariffs. The UK deal offers hope to Australia, if the government plays its cards correctly, but Mr Albanese confirmed any tariff deal would not be at the expense of Australia's biosecurity. "We will not change or compromise any of the issues regarding biosecurity," he told ABC Radio on Friday. "If things can be sorted out in a way that protects our biosecurity, of course, we don't just say 'no, we don't want imports here' for the sake of it. "But our first priority is biosecurity." National Farmers Federation president David Jochinke welcomed the comments and said biosecurity assessment processes were crucial to ensuring imports were safe. The Department of Agriculture is reviewing Mexican and Canadian beef. Mr Albanese has had three conversations with Mr Trump but said he was looking forward to meeting him in person, calling him an "interesting character". Though US beef is up for discussion, Health Minister Mark Butler ruled out bargaining with Australia's Pharmaceutical Benefits Scheme. Government officials insist they seek a full exemption from all tariffs after Mr Trump imposed a 50 per cent steel and aluminium tariff on all trading partners except the UK, on top of his baseline 10 per cent "Liberation Day" levies. Allowing US beef to enter Australia to avoid tariffs imposed by Donald Trump would pose a significant risk to farmers, the prime minister has been warned. The federal government is considering granting more American beef producers access to the local market as Anthony Albanese seeks to strike a tariff deal in a potential meeting with the US president. But Nationals leader David Littleproud has urged Mr Albanese not to put the industry at risk, saying an introduction of US beef would threaten biosecurity. "It's important that the federal government looks Australian farmers in the eyes and says to them that they won't be collateral in trying to cut a deal with President Trump," he told reporters in Brisbane on Friday. "We should not take a backward step and concede by a security code deposit of protecting the agricultural industry here in Australia." Beef imports from the US have been banned in Australia since 2003 after an outbreak of mad cow disease. The ban was overturned in 2019 for cattle raised and slaughtered in the US, but large amounts of beef sent to American abattoirs come from Mexico or Canada. Mr Littleproud said ensuring the origin of beef imported into Australia was critical. "This will decimate the agricultural sector if we blink and allow President Trump to be able to roll over us on biosecurity," he said. "Traceability is so important and this is why we shouldn't be playing with President Trump talking about biosecurity. "We should be talking about a rules-based order of trade." Demand for Australian beef has been strong due to the ongoing drought in the US and America's lower herd numbers. At the end of 2024, a much lower supply from the US was improving Australian prices and international market value. The prime minister is expected to meet with Mr Trump on the sidelines of the G7 conference or in the US in mid-June, after the US president exempted the UK from his supercharged tariffs. The UK deal offers hope to Australia, if the government plays its cards correctly, but Mr Albanese confirmed any tariff deal would not be at the expense of Australia's biosecurity. "We will not change or compromise any of the issues regarding biosecurity," he told ABC Radio on Friday. "If things can be sorted out in a way that protects our biosecurity, of course, we don't just say 'no, we don't want imports here' for the sake of it. "But our first priority is biosecurity." National Farmers Federation president David Jochinke welcomed the comments and said biosecurity assessment processes were crucial to ensuring imports were safe. The Department of Agriculture is reviewing Mexican and Canadian beef. Mr Albanese has had three conversations with Mr Trump but said he was looking forward to meeting him in person, calling him an "interesting character". Though US beef is up for discussion, Health Minister Mark Butler ruled out bargaining with Australia's Pharmaceutical Benefits Scheme. Government officials insist they seek a full exemption from all tariffs after Mr Trump imposed a 50 per cent steel and aluminium tariff on all trading partners except the UK, on top of his baseline 10 per cent "Liberation Day" levies.
The Advertiser
2 hours ago
- The Advertiser
Australia plays down US review of AUKUS submarine deal
Australia has played down a US Pentagon review of the AUKUS security pact, despite concerns about the future of the nuclear submarine component of the deal. Under the $368 billion agreement, Australia will acquire three Virginia-class submarines from the US in the early 2030s before a new fleet of boats is built for delivery from the 2040s. The three-nation partnership is between the US, Australia, and the UK, and was signed in 2021 under former Liberal prime minister Scott Morrison and the US Biden administration. The Pentagon will consider whether the pact is in line with US President Donald Trump's "America First" policy. Defence Minister Richard Marles confirmed the US had advised Australia and the UK of the review. "We are committed to AUKUS and we look forward to working closely with the US on the review," he said in a statement on Thursday. "It is natural that the administration would want to examine this major undertaking, including progress and delivery." Mr Marles pointed to the UK's recently completed AUKUS review, which reaffirmed its support. "We look forward to continuing our close co-operation with the Trump administration on this historic project," he said. Critics of AUKUS point to the lagging production of boats in the US, and warn that the deal might jeopardise the American navy's capabilities or undermine Australia's defence sovereignty. Australia paid the US almost $800 million in February - the first of a number of payments - to help boost its US submarine industrial base. US Defence Secretary Pete Hegseth told Mr Marles during a meeting in Singapore this month that Australia should lift its defence spending to 3.5 per cent of gross domestic product, or output. Australia's defence spending is on track to hit around 2.3 per cent of GDP by 2033/34. Co-Chair of the Friends of Australia Caucus, US Congressman Joe Courtney, on Thursday warned against dumping the AUKUS deal. "To walk away from all the sunk costs invested by our two closest allies - Australia and the United Kingdom - will have far-reaching ramifications on our trustworthiness on the global stage," he said. "(It) is a direct contradiction to the administration's 'America First, but not alone' goal of countering aggression from China, Russia, and other adversaries." Opposition frontbencher Bridget McKenzie said the US review was a "deeply concerning development" ahead of Prime Minister Anthony Albanese's departure for the G7 summit in Canada on Sunday. Mr Albanese hopes to have a meeting with Mr Trump on the sidelines of the gathering in Alberta. "Any undermining of this serious and substantial alliance between our two countries should be of grave concern to all of us," Senator McKenzie told Nine's Today show. Greens defence spokesman David Shoebridge said it was time the government held its own inquiry into the "dud deal". "We need an independent defence and foreign policy, that does not require us to bend our will and shovel wealth to an increasingly erratic and reckless Trump USA," he said. Australia has played down a US Pentagon review of the AUKUS security pact, despite concerns about the future of the nuclear submarine component of the deal. Under the $368 billion agreement, Australia will acquire three Virginia-class submarines from the US in the early 2030s before a new fleet of boats is built for delivery from the 2040s. The three-nation partnership is between the US, Australia, and the UK, and was signed in 2021 under former Liberal prime minister Scott Morrison and the US Biden administration. The Pentagon will consider whether the pact is in line with US President Donald Trump's "America First" policy. Defence Minister Richard Marles confirmed the US had advised Australia and the UK of the review. "We are committed to AUKUS and we look forward to working closely with the US on the review," he said in a statement on Thursday. "It is natural that the administration would want to examine this major undertaking, including progress and delivery." Mr Marles pointed to the UK's recently completed AUKUS review, which reaffirmed its support. "We look forward to continuing our close co-operation with the Trump administration on this historic project," he said. Critics of AUKUS point to the lagging production of boats in the US, and warn that the deal might jeopardise the American navy's capabilities or undermine Australia's defence sovereignty. Australia paid the US almost $800 million in February - the first of a number of payments - to help boost its US submarine industrial base. US Defence Secretary Pete Hegseth told Mr Marles during a meeting in Singapore this month that Australia should lift its defence spending to 3.5 per cent of gross domestic product, or output. Australia's defence spending is on track to hit around 2.3 per cent of GDP by 2033/34. Co-Chair of the Friends of Australia Caucus, US Congressman Joe Courtney, on Thursday warned against dumping the AUKUS deal. "To walk away from all the sunk costs invested by our two closest allies - Australia and the United Kingdom - will have far-reaching ramifications on our trustworthiness on the global stage," he said. "(It) is a direct contradiction to the administration's 'America First, but not alone' goal of countering aggression from China, Russia, and other adversaries." Opposition frontbencher Bridget McKenzie said the US review was a "deeply concerning development" ahead of Prime Minister Anthony Albanese's departure for the G7 summit in Canada on Sunday. Mr Albanese hopes to have a meeting with Mr Trump on the sidelines of the gathering in Alberta. "Any undermining of this serious and substantial alliance between our two countries should be of grave concern to all of us," Senator McKenzie told Nine's Today show. Greens defence spokesman David Shoebridge said it was time the government held its own inquiry into the "dud deal". "We need an independent defence and foreign policy, that does not require us to bend our will and shovel wealth to an increasingly erratic and reckless Trump USA," he said. Australia has played down a US Pentagon review of the AUKUS security pact, despite concerns about the future of the nuclear submarine component of the deal. Under the $368 billion agreement, Australia will acquire three Virginia-class submarines from the US in the early 2030s before a new fleet of boats is built for delivery from the 2040s. The three-nation partnership is between the US, Australia, and the UK, and was signed in 2021 under former Liberal prime minister Scott Morrison and the US Biden administration. The Pentagon will consider whether the pact is in line with US President Donald Trump's "America First" policy. Defence Minister Richard Marles confirmed the US had advised Australia and the UK of the review. "We are committed to AUKUS and we look forward to working closely with the US on the review," he said in a statement on Thursday. "It is natural that the administration would want to examine this major undertaking, including progress and delivery." Mr Marles pointed to the UK's recently completed AUKUS review, which reaffirmed its support. "We look forward to continuing our close co-operation with the Trump administration on this historic project," he said. Critics of AUKUS point to the lagging production of boats in the US, and warn that the deal might jeopardise the American navy's capabilities or undermine Australia's defence sovereignty. Australia paid the US almost $800 million in February - the first of a number of payments - to help boost its US submarine industrial base. US Defence Secretary Pete Hegseth told Mr Marles during a meeting in Singapore this month that Australia should lift its defence spending to 3.5 per cent of gross domestic product, or output. Australia's defence spending is on track to hit around 2.3 per cent of GDP by 2033/34. Co-Chair of the Friends of Australia Caucus, US Congressman Joe Courtney, on Thursday warned against dumping the AUKUS deal. "To walk away from all the sunk costs invested by our two closest allies - Australia and the United Kingdom - will have far-reaching ramifications on our trustworthiness on the global stage," he said. "(It) is a direct contradiction to the administration's 'America First, but not alone' goal of countering aggression from China, Russia, and other adversaries." Opposition frontbencher Bridget McKenzie said the US review was a "deeply concerning development" ahead of Prime Minister Anthony Albanese's departure for the G7 summit in Canada on Sunday. Mr Albanese hopes to have a meeting with Mr Trump on the sidelines of the gathering in Alberta. "Any undermining of this serious and substantial alliance between our two countries should be of grave concern to all of us," Senator McKenzie told Nine's Today show. Greens defence spokesman David Shoebridge said it was time the government held its own inquiry into the "dud deal". "We need an independent defence and foreign policy, that does not require us to bend our will and shovel wealth to an increasingly erratic and reckless Trump USA," he said. Australia has played down a US Pentagon review of the AUKUS security pact, despite concerns about the future of the nuclear submarine component of the deal. Under the $368 billion agreement, Australia will acquire three Virginia-class submarines from the US in the early 2030s before a new fleet of boats is built for delivery from the 2040s. The three-nation partnership is between the US, Australia, and the UK, and was signed in 2021 under former Liberal prime minister Scott Morrison and the US Biden administration. The Pentagon will consider whether the pact is in line with US President Donald Trump's "America First" policy. Defence Minister Richard Marles confirmed the US had advised Australia and the UK of the review. "We are committed to AUKUS and we look forward to working closely with the US on the review," he said in a statement on Thursday. "It is natural that the administration would want to examine this major undertaking, including progress and delivery." Mr Marles pointed to the UK's recently completed AUKUS review, which reaffirmed its support. "We look forward to continuing our close co-operation with the Trump administration on this historic project," he said. Critics of AUKUS point to the lagging production of boats in the US, and warn that the deal might jeopardise the American navy's capabilities or undermine Australia's defence sovereignty. Australia paid the US almost $800 million in February - the first of a number of payments - to help boost its US submarine industrial base. US Defence Secretary Pete Hegseth told Mr Marles during a meeting in Singapore this month that Australia should lift its defence spending to 3.5 per cent of gross domestic product, or output. Australia's defence spending is on track to hit around 2.3 per cent of GDP by 2033/34. Co-Chair of the Friends of Australia Caucus, US Congressman Joe Courtney, on Thursday warned against dumping the AUKUS deal. "To walk away from all the sunk costs invested by our two closest allies - Australia and the United Kingdom - will have far-reaching ramifications on our trustworthiness on the global stage," he said. "(It) is a direct contradiction to the administration's 'America First, but not alone' goal of countering aggression from China, Russia, and other adversaries." Opposition frontbencher Bridget McKenzie said the US review was a "deeply concerning development" ahead of Prime Minister Anthony Albanese's departure for the G7 summit in Canada on Sunday. Mr Albanese hopes to have a meeting with Mr Trump on the sidelines of the gathering in Alberta. "Any undermining of this serious and substantial alliance between our two countries should be of grave concern to all of us," Senator McKenzie told Nine's Today show. Greens defence spokesman David Shoebridge said it was time the government held its own inquiry into the "dud deal". "We need an independent defence and foreign policy, that does not require us to bend our will and shovel wealth to an increasingly erratic and reckless Trump USA," he said.
West Australian
5 hours ago
- West Australian
Donald Trump says United States-China deal is ‘done', People's Republic to supply rare earths
US President Donald Trump says a deal with China is 'done', adding the People's Republic will supply 'magnets and any necessary rare earths' and the Chinese students can access US colleges. 'Our deal with China is done, subject to final approval with President Xi and me,' Mr Trump announced on Truth Social. 'Full magners, and any nexessary rare earths, will be supplied, up front, by China. 'Likewise, we will provide China what was ageed to, including Chineses students using our colleges and universities (which has always been good with me!). MR Trump said the US would get 55 per cent tariffs, with China getting 10 per cent. 'Relationship is excellent.' In a follow up post, Mr Trump added: 'President Xi and I are going to work closely together to open up China to American trade.' 'This would be a great WIN for both countries!' After high-level talks between the two powerhouse countries in London, US Commerce Secretary Howard Lutnick told reporters the deal was almost set. 'We have reached a framework to implement the Geneva consensus and the call between the two presidents,' he said. Mr Lutnick told CNBC that a one-on-one call between Mr Trump and China's President Xi Jinping had 'changed everything'. 'They are going to approve all applications for magnets from United States companies right away,' he said.
