Latest news with #RichardCottle
Telegraph
03-04-2025
- Business
- Telegraph
Trump places tariffs on island of penguins – and five other oddities
A cluster of icy, uninhabited volcanic islands near Antarctica – home to predominantly penguins – has been hit with a 10 per cent tariff. The islands are one of a number of oddities that have left experts and some world leaders scratching their heads. The Heard and McDonald Islands do not even have human inhabitants but still appeared on the same list as China and the European Union as recipients of Trump's highly anticipated trade regime. The islands were among dozens of tiny territories including Norfolk Island, in the southern Pacific and home to just 2,188 people, which was hit with a steep 29 per cent tariff. Richard Cottle, owner of a concrete-mixing business on Norfolk Island, said: 'Norfolk Island is a little dot in the world. We don't export anything.' Anthony Albanese, the Australian prime minister, said on Thursday: 'Nowhere on earth is safe.' Diego Garcia, another remote island included in the tariffs, exports nothing and is uninhabited except for a joint US-UK military base. No escape for Israel In a last-minute rush before Mr Trump hit global trading partners with reciprocal levies, Israel backed down and cancelled all its remaining tariffs. It wasn't enough for Mr Trump though, with Israeli goods exported to the US now facing a 19 per cent tariff. The move comes despite Israel and the US signing a free trade agreement 40 years ago, meaning around 98 per cent of goods from the US are now tax free. The United States is Israel's largest trading partner and closest ally, with bilateral trade worth $34 billion in 2024. Israeli officials were reportedly 'in shock' as they thought they had done enough to prevent 17 per cent tariffs, which could be hugely damaging in a time of war. Taiwan singled out The US treads a careful line when it comes to Taiwan, adhering to its longstanding 'One China' policy by not officially supporting Taiwan's independence while maintaining strong unofficial ties with the island. This can extend to not naming Taiwan as a country on official lists. However, Taiwan was on the list held up by Mr Trump as his press conference alongside China. Taiwan, which runs a large trade surplus with the US, will have a 32 per cent duty placed on its products. Officials in Taipei said the tariffs were 'highly unreasonable' and the government planned 'serious negotiations' with Washington. However, semiconductor chips, a sector that Taiwan dominates and has been a source of friction between Washington and Taipei, were excluded from the levies. The tariffs do, however, come after leaked Pentagon papers suggested the US department of defence's main objective is to prevent a Chinese takeover of Taiwan. Mr Trump's announcement also followed the end of the latest round of Chinese war games around Taiwan, practising for a possible invasion. 'Axis of evil' exempt Russia, North Korea, and Belarus have been entirely exempt from the new trade penalties, raising questions among some who point out that strategic rivals have escaped punishment. Karoline Leavitt, the White House press secretary, defended Russia's exemption, stating that existing US sanctions already 'preclude any meaningful trade' between the two countries. However, US-Russia trade remains higher than that of smaller nations such as Mauritius and Brunei – both of which were included in Mr Trump's tariff list. Ecuador the 'currency manipulator' Under Mr Trump's policy, Ecuador was designated as a currency manipulator – but the move is highly unusual given that the country officially uses the US dollar as its national currency. A currency manipulator is a country that deliberately devalues or artificially influences its currency to gain an unfair trade advantage. But without its own currency, Ecuador, which has been landed with 10 per cent tariffs, is incapable of engaging in traditional currency manipulation tactics, making the accusations basically impossible. The accusation stemmed from trade and economic policies that the Trump administration believed unfairly boosted Ecuadorian exports.
South China Morning Post
03-04-2025
- Business
- South China Morning Post
Trump's tariffs rattle island that doesn't ‘export anything' to US
For Richard Cottle, owner of a concrete-mixing business on Norfolk Island, there was only one explanation when US President Donald Trump unveiled a hefty 29 per cent tariff on the tiny territory about 965km (600 miles) off eastern Australia: 'it was just a mistake'. Advertisement Though the rugged volcanic island in the southern Pacific does ship a modest amount of Kentia palm seeds abroad, typically worth less than US$1 million a year, mostly to Europe, news of the unusually steep tariff passed through its 2,188 residents on Thursday with a mixture of amusement and confusion. 'Norfolk Island is a little dot in the world,' Cottle said by phone. 'We don't export anything.' Norfolk Island was among dozens of tiny territories which appeared on the same list as China and the European Union as recipients of Trump's highly anticipated tariff regime, even though they do not have a real manufacturing or export industry. Some, like the Heard and McDonald Islands in the Antarctic, which like Norfolk Island is overseen by Australia, did not even have human inhabitants. No matter – as of Thursday, they faced a 10 per cent tariff for exports to the US. Advertisement Australian Prime Minister Anthony Albanese, on the campaign trail ahead of an election in a month, told the media his country did better than most with a tariff of 10 per cent – half of what the EU was hit with and one-third of what China got – but he had no explanation for Norfolk Island.
The Independent
03-04-2025
- Business
- The Independent
‘A bit strange': Tiny Australian island gets massive Trump tariff despite exporting almost nothing
Norfolk Island, a tiny volcanic outcrop in the South Pacific, found itself in the unlikely company of China and the European Union this week, targeted by US President Donald Trump's new 29 per cent tariff. The move has left the island's 2,188 residents scratching their heads, a mixture of amusement and bewilderment rippling through the community. For Richard Cottle, owner of a local concrete-mixing business, the explanation is simple: "It was just a mistake." The island, located roughly 600 miles off eastern Australia, boasts a limited export trade, primarily Kentia palm seeds, the value of which falls well below $1million annually, and mostly shipped to Europe. "Norfolk Island is a little dot in the world," Cottle explained. "We don't export anything." The island's inclusion on the list of territories subject to the tariff, alongside major global economies, highlights the seemingly indiscriminate nature of the new trade measures. Dozens of other small territories, similarly lacking significant manufacturing or export industries, also found themselves unexpectedly targeted. Some, like the Heard and McDonald Islands in the Antarctic, which like Norfolk Island is overseen by Australia, did not even have human inhabitants. No matter - as of Thursday, they faced a 10 per cent tariff for exports to the U.S. Australian Prime Minister Anthony Albanese, on the campaign trail ahead of an election in a month, told the media his country did better than most with a tariff of 10 per cent - half of what the EU was hit with and one-third of what China got - but he had no explanation for Norfolk Island. "Last time I looked, Norfolk Island was a part of Australia," he told the Australian Broadcasting Corp. The separate, higher tariff "was somewhat unexpected and a bit strange", he added. According to U.S. government data, the U.S. has recorded trade deficits with Norfolk Island for the past three years. The island exported $300,000 worth of goods to the U.S. in 2022, $700,000 in 2023 and $200,000 in 2024. Its imports from the U.S. stayed at $100,000 in those years. Norfolk Island's imports from the U.S. peaked at $11.7 million in 2020, when no exports were recorded. The data did not specify what goods were traded. Other Norfolk Island business owners could think of no manufacturing industry on the island, and added that its main industry by far was tourism. One pest control business owner, who asked not to be named, said that although they did not export to the U.S., they imported some rodent bait from the U.S. via Australia. "Products from Norfolk Island are going to have a 29 per cent tariff? Well, there is no product, so it's not going to have an effect," said Gye Duncan, who owns a tax consultancy on the island. "They probably don't even know where Norfolk Island is in the world. It's just probably an anomaly."
Reuters
03-04-2025
- Business
- Reuters
A tiny Australian outpost gets a steep Trump tariff despite few exports
SYDNEY, April 3 (Reuters) - For Richard Cottle, owner of a concrete-mixing business on Norfolk Island, there was only one explanation when U.S. President Donald Trump unveiled a hefty 29% tariff on the tiny territory about 600 miles off eastern Australia: "it was just a mistake". Though the rugged volcanic island in the southern Pacific does ship a modest amount of Kentia palm seeds abroad, typically worth less than $1 million a year, mostly to Europe, news of the unusually steep tariff passed through its 2,188 residents on Thursday with a mixture of amusement and confusion. "Norfolk Island is a little dot in the world," said Cottle by phone. "We don't export anything." Norfolk Island was among dozens of tiny territories which appeared on the same list as China and the European Union as recipients of Trump's highly anticipated tariff regime, even though they do not have a real manufacturing or export industry. Some, like the Heard and McDonald Islands in the Antarctic, which like Norfolk Island is overseen by Australia, did not even have human inhabitants. No matter - as of Thursday, they faced a 10% tariff for exports to the U.S. Australian Prime Minister Anthony Albanese, on the campaign trail ahead of an election in a month, told the media his country did better than most with a tariff of 10% - half of what the EU was hit with and one-third of what China got - but he had no explanation for Norfolk Island. "Last time I looked, Norfolk Island was a part of Australia," he told the Australian Broadcasting Corp. The separate, higher tariff "was somewhat unexpected and a bit strange", he added. According to U.S. government data, the U.S. has recorded trade deficits with Norfolk Island for the past three years. The island exported $300,000 worth of goods to the U.S. in 2022, $700,000 in 2023 and $200,000 in 2024. Its imports from the U.S. stayed at $100,000 in those years. Norfolk Island's imports from the U.S. peaked at $11.7 million in 2020, when no exports were recorded. The data did not specify what goods were traded. Other Norfolk Island business owners who spoke with Reuters could think of no manufacturing industry on the island, and added that its main industry by far was tourism. One pest control business owner, who asked not to be named, said that although they did not export to the U.S., they imported some rodent bait from the U.S. via Australia. "Products from Norfolk Island are going to have a 29% tariff? Well, there is no product, so it's not going to have an effect," said Gye Duncan, who owns a tax consultancy on the island. "They probably don't even know where Norfolk Island is in the world. It's just probably an anomaly."
