Latest news with #GenesisMineral
Sky News AU
16-07-2025
- Business
- Sky News AU
More than $20b wiped off ASX after US President Donald Trump vows pharmaceutical tariffs by end of July
The ASX has dived on Wednesday after Donald Trump vowed tariffs on pharmaceuticals by the end of the month and fresh US inflation data dented chances of a nearby interest rate cut. The index plunged 0.8 per cent in the first hour of trading, wiping about $24 billion off the market. Mining companies are some of the worst performers, with Newmont Corporation down 4.2 per cent, aluminium producer Alcoa Corporation sinking 3.8 per cent and Genesis Mineral losing 3.7 per cent. Alongside this, Clarity Pharmaceuticals is down 2.2 per cent, Neuren Pharmaceuticals has lost 1.8 per cent and CSL fallen 1.9 per cent. It follows Trump telling reporters pharmaceutical tariffs will be rolled out soon after earlier this month saying the goods will eventually face a 200 per cent levy. 'Pharmaceuticals will be tariffed probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build,' he told reporters. 'Then we're going to make it a very high tariff, because we've got to move them. 'And look, there are two ways you do it: You make money, or you have them move here so they don't have to pay the tariff. Those are the two ways. 'The pharmaceutical companies are moving back to America, where they should be.' US inflation data suggested Trump's trade war is contributing to rising consumer prices in a blow to those hoping for an interest rate cut. It was a mixed bag on Wall Street where the Dow Jones shed one per cent, the S&P 500 sank 0.4 per cent and the Nasdaq rose 0.2 per cent on Tuesday. London's FTSE 250 fell 0.2 per cent, while Germany's DAX and the STOXX Europe 600 both lost 0.4 per cent. New Zealand's NZX 50 Index has gained half a per cent on Wednesday while Japan's Nikkei 225 is up less than 0.1 per cent.
Sky News AU
09-07-2025
- Business
- Sky News AU
ASX 200 sinks as US President Donald Trump vows 50 per cent tariffs on copper, 200 per cent levies on pharmaceuticals
The ASX 200 is down on Wednesday as Donald Trump revealed he is considering 50 per cent tariffs on copper and eyes 200 per cent tariffs on pharmaceuticals in about a year's time. The index is down about 0.3 per cent after the first hour of trading with gold and copper company Evolution Mining sinking 7.9 per cent, Genesis Mineral shedding 5.8 per cent and copper miner Sandfire Resources slumping 5.2 per cent. Retirement village company Lifestyle Communities is down about 29 per cent after a court ruling found its lucrative exit fees were invalid. Investors are also watching Rio Tinto (up 0.4 per cent) and BHP (flat) which will face a hit from a copper mine they jointly run in Chile. Trump told reporters he is considering a raft of tariffs as the deadline for his 'Liberation Day' tariffs suspension looms. 'I believe the tariff on copper, we're going to make it 50 per cent,' Trump told reporters. He also plans to hit pharmaceuticals which could threaten major Australian companies such as the ASX's third largest company CSL. Medicinal and pharmaceutical products continue to be Australia's third largest export to the US behind gold and meat. 'They're going to be tariffed at a very, very high rate, like 200 per cent,' Trump said. 'We'll give them a certain period of time to get their act together.' Wall Street sank again on Tuesday with the Dow Jones falling 0.4 per cent, the S&P 500 sliding 0.1 per cent and the Nasdaq finishing flat. London's FTSE 250 jumped 0.2 per cent, Germany's DAX added 0.6 per cent and the STOXX Europe 600 rose 0.4 per cent. New Zealand's NZX 50 Index has shed 0.8 per cent while Japan's Nikkei 225 is flat.
