Latest news with #Australia-US
Daily Mail
2 hours ago
- Business
- Daily Mail
Trump flags tariff hike that may impact Australia
Australian exporters may be hit with tariffs of up to 20 percent at the US border, after President Donald Trump flagged a hike in the baseline duty for all imports. Trump suggested the minimum tariff for countries that do not negotiate separate trade deals may double. Speaking at a press conference at his luxury golf resort in Turnberry, Scotland on Monday (Tuesday, AEST), the US president said the blanket tariff would affect 'the rest of the world', having secured exemption deals with major economies including Japan and the European Union. Asked what the new rate would be, he said: 'I would say it'll be somewhere in the 15 to 20 percent range. 'Probably one of those two numbers'. The baseline tariff is currently set at 10 percent and is applied to most goods sent to the US by about 200 countries including Australia. Despite mounting pressures on Prime Minister Anthony Albanese, his government has been unable to secure an exemption ahead of an August 1 deadline. Shadow Finance Minister James Paterson said the latest announcement exposed the damage caused by Albanese's failure to establish a relationship with Trump, having still not met him face-to-face. The Prime Minister sought to discuss the tariffs with Trump during the G7 summit in Canada last month but the US President left ahead of schedule due to the Israel-Iran conflict. Mr Paterson added it seemed Ambassador to the US Kevin Rudd also had no meetings at the White House since Trump was sworn in in January, having previously mocked and criticized the US president. 'I suspect we would know about it if he had, I suspect it would be all over social media if he had, so I think it's a reasonable inference now that there has been no meetings.' For its part, the Albanese government has restated its opposition to the tariffs but downplayed what it said about Australia-US relations. 'We are a country that relies on trade, we are a country with a very high proportion of jobs that rely on trade,' Assistant Treasurer Dan Mulino told Sky News. 'That remains the position of this government. So, we would rather a situation in which the world doesn't go down the path of imposing tariffs. 'But what I can say is that Australia remains in a situation where we've got as good a deal as anybody, and we continue to engage with the US Government intensely on these matters.' A spokesperson for Trade Minister Don Farrell said Australia would continue to engage 'at all levels' to advocate for the removal of the tariffs. 'We, as the opposition, disagree with Trump's tariff policy, but again, it reinforces the urgency and the great disappointment that our prime minister hasn't had a face-to-face meeting with Trump,' he said. 'He needs to go over there and prosecute the case, to argue Australia's case, but also to stand up for free trade across the globe, because the importance of it for us as a trading nation, as Australia.' It comes only days after Australia lifted its ban on importing US beef - eliminating a key reason cited by the Trump administration for its tariff on Aussie goods. Mr Albanese insisted the move was the outcome of a biosecurity review that had been underway for years rather than a backdown in the face of tariffs, but US officials have celebrated it as a win for the president. 'This is yet another example of the kind of market access the president negotiates to bring America into a new golden age of prosperity, with American agriculture leading the way,' US Secretary of Agriculture Brooke Rollins said.
7NEWS
21 hours ago
- Business
- 7NEWS
US President Donald Trump flags 20 per cent tariff ‘for the world', warns Australia of tougher trade barriers
US President Donald Trump has warned that the minimum tariff the United States imposes on its trading partners, including Australia—could soon double. Speaking at a press conference in Scotland, Mr Trump said he was planning a new universal tariff 'for the world.' Asked just how high it would go, he replied: 'I would say it'll be somewhere in the 15 to 20 per cent range. I just want to be nice. Probably one of those two numbers.' Currently, most US trading partners, Australia included, face America's 10 per cent 'baseline' tariff. In April, Mr Trump announced even higher 'reciprocal' tariffs for certain countries, but those increases were put on hold to allow negotiations on new trade agreements. Australia was not subject to the higher 'reciprocal' rate, but Mr Trump's latest comments suggest local exporters could be affected by the proposed global hike. 'We're going to be setting a tariff for, essentially, the rest of the world,' Mr Trump told reporters. '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.' Prime Minister Anthony Albanese has argued that the longstanding Australia-US free trade agreement and Australia's trade deficit with the US should exempt Australian imports from any new tariffs. Yet American officials continue to raise concerns about 'non-tariff barriers' to doing business, including laws requiring tech firms to pay for news content and rules governing the Pharmaceutical Benefits Scheme. In April, Mr Trump also took aim at Australia's biosecurity restrictions barring US beef imports, measures that the federal government has since agreed to lift. Mr Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Mr Trump's deadline for deals before higher rates take effect. Mr Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Mr Trump on some Canadian imports. Mr Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Mr Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. 'I'd love to see China open up their country,' Mr Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely.
West Australian
a day ago
- Business
- West Australian
US President Donald Trump flags 20 per cent tariff ‘for the world', warns Australia of tougher trade barriers
US President Donald Trump has warned that the minimum tariff the United States imposes on its trading partners, including Australia—could soon double. Speaking at a press conference in Scotland, Mr Trump said he was planning a new universal tariff 'for the world.' Asked just how high it would go, he replied: 'I would say it'll be somewhere in the 15 to 20 per cent range. I just want to be nice. Probably one of those two numbers.' Currently, most US trading partners, Australia included, face America's 10 per cent 'baseline' tariff. In April, Mr Trump announced even higher 'reciprocal' tariffs for certain countries, but those increases were put on hold to allow negotiations on new trade agreements. Australia was not subject to the higher 'reciprocal' rate, but Mr Trump's latest comments suggest local exporters could be affected by the proposed global hike. 'We're going to be setting a tariff for, essentially, the rest of the world,' Mr Trump told reporters. '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.' Prime Minister Anthony Albanese has argued that the longstanding Australia-US free trade agreement and Australia's trade deficit with the US should exempt Australian imports from any new tariffs. Yet American officials continue to raise concerns about 'non-tariff barriers' to doing business, including laws requiring tech firms to pay for news content and rules governing the Pharmaceutical Benefits Scheme. In April, Mr Trump also took aim at Australia's biosecurity restrictions barring US beef imports, measures that the federal government has since agreed to lift. Mr Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Mr Trump's deadline for deals before higher rates take effect. Mr Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Mr Trump on some Canadian imports. Mr Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Mr Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. 'I'd love to see China open up their country,' Mr Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. - with AAP
Perth Now
a day ago
- Business
- Perth Now
Trump threatens to double Australia's tariff to 20 per cent
US President Donald Trump has warned that the minimum tariff the United States imposes on its trading partners, including Australia—could soon double. Speaking at a press conference in Scotland, Mr Trump said he was planning a new universal tariff 'for the world.' Asked just how high it would go, he replied: 'I would say it'll be somewhere in the 15 to 20 per cent range. I just want to be nice. Probably one of those two numbers.' Currently, most US trading partners, Australia included, face America's 10 per cent 'baseline' tariff. In April, Mr Trump announced even higher 'reciprocal' tariffs for certain countries, but those increases were put on hold to allow negotiations on new trade agreements. Australia was not subject to the higher 'reciprocal' rate, but Mr Trump's latest comments suggest local exporters could be affected by the proposed global hike. 'We're going to be setting a tariff for, essentially, the rest of the world,' Mr Trump told reporters. '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.' Prime Minister Anthony Albanese has argued that the longstanding Australia-US free trade agreement and Australia's trade deficit with the US should exempt Australian imports from any new tariffs. Yet American officials continue to raise concerns about 'non-tariff barriers' to doing business, including laws requiring tech firms to pay for news content and rules governing the Pharmaceutical Benefits Scheme. In April, Mr Trump also took aim at Australia's biosecurity restrictions barring US beef imports, measures that the federal government has since agreed to lift. Mr Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Mr Trump's deadline for deals before higher rates take effect. Mr Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Mr Trump on some Canadian imports. Mr Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Mr Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. 'I'd love to see China open up their country,' Mr Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. - with AAP
Express Tribune
2 days ago
- Business
- Express Tribune
Trump's belligerence drives a major shift in Indo-Pacific
The author writes on geopolitical issues and regional conflicts. He can be reached at Listen to article Donald Trump's implacable belligerence has tutored traditional American allies to quickly adjust to new geopolitical realities or truckle to his ceaseless demands. An increased sense of urgency across Europe and the Indo-Pacific implies that they have decided to take up the gauntlet of diversifying their partnerships. In a rare show of displeasure at the US president's stubborn arrogance, Australian Prime Minister Anthony Albanese during his China visit sought to stabilise relations and manage differences to "contribute" to regional peace and prosperity, holding a "constructive" meeting with Chinese President Xi Jinping to underscore Beijing's importance for "our economy, our security and the stability of our region". Beijing is Canberra's largest trading partner with almost a third of Australia's exports destined for China and bilateral trade hitting 312 billion Australian dollars in 2024. The two economies are highly complementary, meaning China has a huge demand for Australian goods and services. This symbiotic bond, unlike the Australia-US parasitistic trade ties, provides a sound footing to tap the opportunity and strengthen the extensive relationship. China's investments contribute to infrastructure development, productivity and job creation in Australia; and its development, opening-up and rising middle class unleash new vistas for Australian exporters. As members of Asia-Pacific Economic Forum and Regional Comprehensive Economic Partnership, both countries also have shared interests in safeguarding regional stability and prosperity. In the face of rising protectionism and unprecedented volatility in global trade due to Trump's unilateral tariffs, a stable and strengthened Australia-China relationship would ensure the Australian economy to withstand and navigate strenuous trials and continue to make a positive impact on domestic workers, employers and industries. The strengthening of the Beijing-Canberra ties has ushered in a wave of optimism among Australian businesses with 75% of foreign firms in a poll by the Australia-China Chamber of Commerce reporting profitability in 2024. Their enthusiasm — because 70% rate China as one of their top three destinations for investment over the next three years — reinforces Beijing's appeal as a hub of innovation and industrial transformation. Canberra's intent to "do more business with China" was reflected in its Trade Minister Don Farrell's interview in which he refused to budge to US pressure, emphasising that Chinese trade was nearly 10 times more valuable to Canberra. "We'll make decisions... to engage with China based on our national interests and not on what the Americans may or may not want." Nonetheless, disparity between Albanese's and the country's defence department's approaches risks derailing Australia's newfound charm offensive against China. For instance, Canberra has been accusing Beijing of spearheading the largest and most ambitious military buildup since the Second World War. Its Defense Minister, Richard Marles, recently echoed such an assertion. Yet this assessment has long been contested by none other than Australia's own analysts and former diplomats who believe the Chinese strategy is essentially inward looking, focusing internal stability and external security. Even leading Western investigations reveal that the US, by far, outspends China in defence spending and that Beijing's military development and the record of use of force are relatively restrained. Conversely, Trump's return is spurring new challenges for the Albanese government. After the Biden administration wanted to get Canberra "off the fence" by locking it for the next 40 years through AUKUS, Trump's AUKUS-skeptic undersecretary of defense Elbridge Colby is leveraging the trilateral partnership to hard-press Australia into making pre-commitments if a US-China war breaks out on Taiwan. The Trump administration is also pressurising Australia to increase defence spending to 3.5% of the GDP. Canberra has hitherto resisted the US pressure for it would cost Australia tens of billions of dollars. For an economy that will remain in a structural deficit through 2034-35, a defence splurge would indeed imperil Albanese's social policy agenda. Trade with China has helped Australia put the cost of living on a downward trajectory. Studies show that this trade relationship has increased disposable income of Australian households by an average of 2,600 Australian dollars, supporting around 600,000 jobs. While US maintains 10% baseline tariff on Australian goods, 25% on automobiles and 50% on steel and aluminum, Beijing thanks to the China-Australia Free Trade Agreement applies an average of just 1.1%, urging Canberra to rethink before jumping on Washington's bandwagon vis-à-vis Beijing. No wonder China is seen as a more reliable trade partner than the US by Australians with a sizeable majority of them (71%) agreeing that the country's relationship with Beijing is important. This comes as Trump has upended the long-held assumption that America could be a dependable ally, stoking a belief in many Aussies whether it could even act responsibly. Establishing diplomatic relations, Beijing and Canberra in 1972 agreed to develop the relationship on the basis of the principles of mutual respect for sovereignty, mutual non-aggression, non-interference in internal affairs, equality, mutual benefit and peaceful coexistence. These fundamental tenets laid the foundation of a robust Beijing-Canberra relationship as people across the two countries lived together peacefully through decades. Should Australia chuck out its schizophrenic ambivalence, both nations can still pioneer the way for a resilient strategic partnership and a secure and thriving Indo-Pacific.
