Trump: Australia will get ‘so much' of our ‘magnificent beef', others that refuse are ‘on notice'
Australia on Thursday said it would loosen biosecurity rules for US beef, something analysts predicted would not significantly increase US shipments because Australia is a major beef producer and exporter whose prices are much lower.
'We are going to sell so much to Australia because this is undeniable and irrefutable Proof that US Beef is the Safest and Best in the entire World,' Trump said in a post on Truth Social.
'The other Countries that refuse our magnificent Beef are ON NOTICE,' the post continued.
Trump has attempted to renegotiate trade deals with numerous countries he says have taken advantage of the United States — a characterisation many economists dispute.
'For decades, Australia imposed unjustified barriers on US beef,' US Trade Representative Jamieson Greer said in a statement, calling Australia's decision a 'major milestone in lowering trade barriers and securing market access for US farmers and ranchers.'
Australia is not a significant importer of beef but the United States is and a production slump is forcing it to step up purchases.
Last year, Australia shipped almost 400,000 metric tonnes of beef worth US$2.9 billion (RM12.2 billion) to the United States, with just 269 tonnes of US product moving the other way.
Australian officials say the relaxation of restrictions was not part of any trade negotiations but the result of a years-long assessment of US biosecurity practices.
Canberra has restricted US beef imports since 2003 due to concerns about bovine spongiform encephalopathy (BSE), or mad cow disease. Since 2019, it has allowed in meat from animals born, raised and slaughtered in the US but few suppliers were able to prove that their cattle had not been in Canada and Mexico.
On Wednesday, Australia's agriculture ministry said US cattle traceability and control systems had improved enough that Australia could accept beef from cattle born in Canada or Mexico and slaughtered in the United States.
The decision has caused some concern in Australia, where biosecurity is seen as essential to prevent diseases and pests from ravaging the farm sector.
'We need to know if (the government) is sacrificing our high biosecurity standards just so Prime Minister Anthony Albanese can obtain a meeting with US President Donald Trump,' shadow agriculture minister David Littleproud said in a statement.
Australia, which imports more from the US than it exports, faces a 10 per cent across-the-board US tariff, as well 50 per cent tariffs on steel and aluminium. Trump has also threatened to impose a 200 per cent tariff on pharmaceuticals.
Asked whether the change would help achieve a trade deal, Australian Trade Minister Don Farrell said: 'I'm not too sure.'
'We haven't done this in order to entice the Americans into a trade agreement,' he said. 'We think that they should do that anyway.' — Reuters
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
23 minutes ago
- New Straits Times
CK Hutchison wants Chinese firm to join bidding for its US$22.8 billion ports business
HONG KONG: CK Hutchison said on Monday it wants a major Chinese strategic investor to join the BlackRock-led consortium bidding for its US$22.8 billion ports business, after media reported that state-owned China COSCO Shipping Corp aims to join the group. The Hong Kong conglomerate in a statement said changes to the composition of the consortium and structure of the transaction will be necessary to secure regulatory approval, and that it will allow as much time as needed to achieve that. A 145-day exclusivity period for talks between the parties expired on Sunday. CK Hutchison's Hong Kong-listed shares were due to open higher just shy of one per cent on Monday. A deal would cover 43 ports in 23 countries including two ports near the Panama Canal which links the Atlantic and Pacific oceans. US President Donald Trump initially hailed the sale as "reclaiming" the Panama Canal after his administration called for the removal of what it said was Chinese ownership of some ports. US investment firm BlackRock declined to comment. COSCO, Italian consortium member MSC and the White House did not immediately respond to requests for comment. China views the potential sale as a threat to its interests, seeing the consortium as a proxy for growing American influence in a region it considers economically and geopolitically significant. State-backed media, in criticism of the sale, said China has significant national interests in the matter and that selling the ports would be a betrayal of the country. China's top market regulator said it was paying close attention to developments and stressed the deal would be subject to a Chinese antitrust review. CK Hutchison in its statement said any new investor must be a "significant" member of the consortium. "This is an interesting development. A PRC (China) investor with majority control of the consortium sounds like a non-starter in my view. An investor with a less than 50 per cent stake you would think should keep everyone happy," said strategist David Blennerhassett of Ballingal Investment Advisors who publishes on SmartKarma.
The Sun
23 minutes ago
- The Sun
US-China tariff talks resume in Stockholm to extend trade truce
STOCKHOLM: US and Chinese economic officials will hold fresh talks in Stockholm on Monday to negotiate an extension of their tariff truce, aiming to prevent a sharp escalation in trade barriers and pave the way for a potential meeting between Presidents Donald Trump and Xi Jinping later this year. The discussions follow a temporary pause in trade hostilities after May and June agreements eased tensions, but an August 12 deadline looms for a more permanent deal. Without progress, US tariffs on Chinese goods could revert to triple-digit levels, disrupting global supply chains. 'We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes,' Trump told reporters on Sunday, hinting at cautious optimism. The Stockholm talks come shortly after the US and EU struck a major trade deal, reducing tariffs on European goods and securing large-scale US energy purchases. However, analysts expect no immediate breakthrough in US-China negotiations, predicting instead a 90-day extension of the current truce. Previous discussions in Geneva and London focused on lowering retaliatory tariffs and restoring trade in critical goods like rare earth minerals and AI chips. Yet, deeper economic disputes—such as US concerns over China's export-driven model and Beijing's objections to US tech export controls—remain unresolved. 'Geneva and London were really just about trying to get the relationship back on track so that they could, at some point, actually negotiate about the issues which animate the disagreement between the countries in the first place,' said Scott Kennedy of the Center for Strategic and International Studies. A potential Trump-Xi meeting in late October could provide momentum for further concessions. China may push for reduced US tariffs and eased tech restrictions, while the US seeks increased Chinese purchases of American goods to narrow the trade deficit, which hit $295.5 billion in 2024. - Reuters
Malaysian Reserve
23 minutes ago
- Malaysian Reserve
Wall Street rally lifts Bursa at open
BURSA MALAYSIA rebounded from last week's losses to open higher on Monday, tracking overnight gains on Wall Street. At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.03 points, or 0.26 per cent, to 1,537.79 from Friday's close of 1,533.76. The benchmark index had opened 4.29 points firmer at 1,538.05. Market breadth was positive, with gainers outpacing losers 224 to 133. A total of 293 counters were unchanged, 1,904 untraded, and 43 suspended. Turnover stood at 182.48 million shares worth RM110.09 million. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street closed broadly higher, supported by strong United States (US) corporate earnings and positive trade signals, as President Donald Trump indicated more deals could be finalised before the Aug 1 deadline. Regionally, he noted that Hong Kong's Hang Seng Index slipped on profit-taking after a five-day rally. 'Back home, we believe the market is taking a breather and is poised to resume its climb. As such, we expect the index to hover within the 1,530–1,540 range today,' he told Bernama. Among the heavyweights, Maybank rose four sen to RM9.58, Public Bank added one sen to RM4.30, CIMB and IHH Healthcare gained two sen each to RM6.77 and RM6.68 respectively, while Tenaga Nasional slipped four sen to RM13.56. On the actively traded list, YTL Corporation advanced eight sen to RM2.56, Sapura Energy edged up half-a-sen to four sen, Ekovest improved one sen to 41 sen, while NexG and TWL Holdings were flat at 52.5 sen and 2.5 sen respectively. On the broader index board, the FBM Emas Index rose 30.82 points to 11,537.64, the FBMT 100 Index gained 29.54 points to 11,299.26, and the FBM Emas Shariah Index added 21.54 points to 11,550.49. The FBM 70 Index was 43.30 points higher at 16,650.87, while the FBM ACE Index inched up 4.64 points to 4,643.66. Sector-wise, the Financial Services Index climbed 44.89 points to 17,499.12, the Industrial Products and Services Index added 0.28 of a point to 157.42, and the Energy Index rose 0.13 of a point to 739.98. The Plantation Index, however, slipped 4.36 points to 7,430.43. — BERNAMA
