ASX set to slide lower as tariffs weigh on Wall Street
The S&P 500 closed 0.3 per cent lower a day after setting a record high. The benchmark index's loss for the week followed two straight weekly gains.
The Dow Jones dropped 0.6 per cent, and the Nasdaq composite gave up 0.2 per cent after drifting between small gains and losses much of the day. The tech-heavy index was coming off its own all-time high on Thursday. The Australian sharemarket is set to retreat, with futures pointing to a slide of 13 points or 0.2 per cent at the open. The Australian dollar was fetching 65.75 US cents at 5.20am AEST.
The US selling capped an uneven week in the market as Wall Street kept an eye on the Trump administration's rollout of new tariff threats against trading partners like Canada and looked ahead to the upcoming corporate earnings reporting season.
President Donald Trump said in a letter on Thursday that he will raise taxes on many imported goods from Canada to 35 per cent, deepening the rift between the longtime North American allies. The letter to Canadian Prime Minister Mark Carney is an aggressive increase to the top 25 per cent tariff rates that Trump first imposed in March.
The move was the latest bid by the White House to use threats of higher tariffs on goods imported into the US in hopes of securing new trade agreements with countries around the globe, even historically close trading partners like Canada.
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The administration had initially set Wednesday as a deadline for countries to make deals with the US or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been extended to August 1.
Trump also floated this week that he would impose tariffs of as much as 200 per cent on pharmaceutical drugs and place a 50 per cent tariff on copper imports, matching the rates charged on steel and aluminum.
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Sky News AU
2 hours ago
- Sky News AU
Russia threatens 'preemptive strikes' on West days after US President Donald Trump demands Ukraine ceasefire
Former Russian president Dmitry Medvedev has claimed the Kremlin could launch "preemptive strikes" on Western nations if they escalate the war in Ukraine just days after United States President Donald Trump demanded a ceasefire. On Tuesday, President Trump threatened to impose "very severe" tariffs on Russia unless the Kremlin negotiated an end to its invasion. The US leader also declared he was "very unhappy" with Russian President Vladimir Putin's reticence to engage in peace talks, in a notable shift away from previous comments praising Russia's leader. The Kremlin subsequently dismissed the threat, with Mr Medvedev, who now acts as the Deputy Chairman of the Security Council of Russia, describing it as a "theatrical ultimatum". On Thursday, the senior Russian official went further still, telling state media the Kremlin was ready to "respond in full" to any perceived escalation of the war by Western nations. "The statements of Western politicians on this topic are complete nonsense," he said, adding many were attempting to deliberately rachet up tensions. "We need to act accordingly. To respond in full and, if necessary, launch preemptive strikes." Mr Medvedev did not name President Trump in his remarks, but was likely responding both the the US leader and comments from Ukraine's European and NATO allies following the announcement of further military support. Under a fresh agreement, the US is set to provide NATO with weapons, including advanced Patriot missile systems, which will then be distributed to Ukraine to aid its defence against Russian invaders. Russia has long argued the provision of Western weapons to Ukraine represents direct European and US involvement in the war, a claim Mr Medvedev reiterated on Thursday. "What is happening today is a proxy war, but in essence it is a full-scale war, sanctions packages, loud statements about the militarisation of Europe," he told Russian outlet TASS. "It's another attempt to destroy the 'historical anomaly' hated by the West - Russia, our country." Given Mr Medvedev's remarks, it appears highly unlikely the Kremlin will bow to President Trump's demand for a ceasefire. Russian forces have continued to make gains in Ukraine, with President Putin understood to be keen on continuing to push forward until the West is prepared to meet his terms for peace. Those demands include several stipulations Ukraine deems unacceptable, including the almost complete disbandment of its armed forces and the surrender of huge amounts of land to Russia. The majority of European leaders have backed Ukraine's stance, maintaining any peace agreement should not be negotiated on Russian terms, although it US officials have made no such demands. When asked about the terms of any peace agreement, President Trump has been light on detail, simply insisting the fighting needed to end. The US leader has suggested Ukraine may need to concede territory to Russia in order to secure peace and has also refused to provide guarantees over the nation's future security. With Reuters
The Advertiser
4 hours ago
- The Advertiser
'Respect never cost anything': PM defends China outcome
Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said. Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said. Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said. Anthony Albanese has hit back at the coalition over claims of "indulgence" during his China trip, saying his rivals don't understand the importance of respect in diplomacy. The prime minister's itinerary has included retracing the steps of Gough Whitlam on the Great Wall of China and a panda research centre in the southwestern city of Chengdu as his visit nears the end. Back home, the optics of visiting popular tourist sites attracted sniping from the opposition. Coalition frontbencher James Paterson suggested the prime minister was enjoying himself too much. "I do wonder whether a Gough Whitlam history tour on the Great Wall of China, whether a visit to Chengdu to pose with some pandas, and whether a hit of tennis is strictly necessary as part of a six-day visit to China, when there is so much else at stake in our other international relationships around the world," he told Sky News on Thursday. "And frankly, I have to say that some of this is starting to look a little bit indulgent." Mr Albanese has himself been eager to draw links between his tour and those of former Labor prime ministers Whitlam and Bob Hawke, who also visited the giant pandas in 1986. What those and his visits achieved was building respect between Australia and China, which would in turn result in better economic and diplomatic outcomes, he said. "Those pictures go to 27 million people, potentially, in Australia. They go to over a billion people in China," Mr Albanese told reporters in Chengdu. "And those billion people represent people who are increasingly rising up the income ladder and are potential tourists and therefore job creators in Australia. "If James Patterson doesn't understand that, then he doesn't understand much. "The Great Wall of China symbolises the extraordinary history and culture here in China, and showing a bit of respect to people never cost anything. You know what it does, it gives you a reward." Mr Albanese's trip has been shorter on concrete outcomes than in previous years, when his resumption of dialogue with China saw $20 billion worth of Chinese trade sanctions lifted from Australian exports. But the welcome has been warmer and coverage from Chinese state media more effusive than at any time since before the breakdown in Sino-Australian relations in 2020. A few agreements to boost trade and tourism links have been reached. But the increased dialogue and co-operation in areas from green steel to medical technology were part of a gradual improvement in relations that would advance Australia's national interests, Mr Albanese said. "You don't go from a position of where we were into absolute agreement on everything. That's not the goal." Despite the improving mood, China and Australia still have many issues they disagree on. In meetings with Chinese President Xi Jinping and Premier Li Qiang, Mr Albanese raised concerns over China not providing advance notice of naval live-fire drills off Australia that forced commercial flights to divert. Meanwhile, Mr Li has voiced his dismay over Australia's stringent restrictions on foreign investment from China, imploring the Australian government not to treat Chinese firms unfairly. "We have different political systems, but it has been constructive and has been an important step in the developing of our relationship," Mr Albanese said.
The Advertiser
4 hours ago
- The Advertiser
Toyota LandCruiser 70 Series hit with another order pause
The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from: The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from: The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from: The battle between strong demand and insufficient supply has affected the Toyota LandCruiser 70 Series once again. Toyota Australia has confirmed it's pausing customer orders for the 70 Series… but only in GXL Wagon guise. It says the move to pause orders is intended to provide customers with "more certainty around delivery times for existing orders". "We know in the past, particularly through the COVID-19 pandemic and during the global semi-conductor supply shortage, vehicle supply challenges caused a degree of frustration with our customers with wait times for delivery of new vehicles being extended significantly," said Sean Hanley, Toyota Australia vice president for sales, marketing and franchise operations. Hundreds of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now. "We never want to be the cause of that frustration again so together with our dealer network, we are committed to carefully managing any supply issues to provide complete transparency for customers when issues outside our control arise. "We continue to work with our parent company in Japan to optimise production and supply levels of all Toyota vehicles to ensure we can deliver and satisfy Australian customer demands." The rest of the range is unaffected, and Toyota Australia says it has "good supply" of all other LC70 variants. It even says certain variants are in stock for immediate delivery, or with a maximum wait of between two and four months for new orders. That's a far cry from the supply situation for the old V8-powered LandCruiser 70 Series. Toyota Australia paused orders for the V8 LC70 in July 2022, before closing them for good midway through 2024 as it worked to clear a significant back-order bank. At one point, dealers were quoting wait times of four years "or never" for the venerable V8. All LandCruiser 70 Series variants now come standard with a 2.8-litre turbo-diesel four-cylinder engine as seen in the HiLux and Prado, first made available here in late 2023. This brought an automatic transmission to the 70 Series for the first time (a six-speed unit as standard), and a five-speed manual – like that matched to the now-defunct 4.5-litre turbo-diesel V8 – didn't become available until late 2024. "Since we launched the new four-cylinder LandCruiser 70 Series in late 2023, we have seen its appeal grow for Australian customers with strong demand across the entire range," said Mr Hanley. It's a wide range, too. The top GXL trim is offered in Wagon, Troop Carrier and Double Cab Chassis body styles with the choice of manual or automatic transmissions. The base WorkMate trim can be had with a manual or auto in either Troop Carrier or Double Cab Chassis configurations, while the WorkMate wagon and WorkMate, GX and GXL Single Cab Chassis variants are auto-only. MORE: Explore the Toyota LandCruiser 70 Series showroom Content originally sourced from:
