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Perth Now
16 minutes ago
- Perth Now
World shares steady, dollar firms on US tariff letters
Stock markets in Asia have taken in their stride the latest twist in US President Donald Trump's tariff roll-out, as the dollar held onto gains and oil retreated. Shares on Wall Street fell after Trump sent letters to 14 countries, including Japan and South Korea, unveiling sharply higher tariffs on imports into the United States, while also postponing their implementation to August 1. Japan's Nikkei stock gauge opened lower on Tuesday but then turned positive after Trump described that deadline as "firm, but not 100 per cent firm" and said tariffs may be adjusted for some countries. The Australian dollar rose ahead of a Reserve Bank of Australia decision later in the day. Market reaction to the tariff announcements was muted on memories of Trump's rapid walk-back of his "Liberation Day" duties initially set out on April 2, said Tapas Strickland, head of market economics at National Australia Bank. "There's going to be a lot of volatility as the headlines start to emerge, as more of these letters come out, and as the negotiations really come to the fore ahead of that August 1 deadline," Strickland said on an NAB podcast. In April, Trump capped all of the so-called reciprocal tariffs with trading partners at 10 per cent until July 9 to allow for negotiations. Only two agreements, with Britain and Vietnam, have been reached. In June, Washington and Beijing agreed on a framework covering tariff rates, restoring a fragile truce in their trade war. Tariffs on Japan and South Korea are now due to go up to 25 per cent on August 1. Japanese Prime Minister Shigeru Ishiba called the hike deeply regrettable and said his nation would continue negotiations with the US. The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday. The EU still aims to reach a trade deal by Wednesday after European Commission President Ursula von der Leyen and Trump had a "good exchange", a commission spokesperson said. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent in early trade. Japan's Nikkei stock index rose 0.4 per cent while South Korea's KOSPI jumped 1.5 per cent. The dollar rose 0.2 per cent to 146.36 yen, touching a two-week high. The euro was flat at $US1.1741. The Aussie advanced 0.4 per cent to $US0.6516 before a meeting by the central bank where policymakers are widely expected to deliver a 25-basis-point cut. US crude dipped 0.5 per cent to $US67.59 a barrel after surging nearly two per cent on Monday. Spot gold edged 0.2 per cent lower. In early trade, pan-region Euro Stoxx 50 futures were down 0.1 per cent, German DAX futures were down 0.1 per cent at 24,133, and FTSE futures slid 0.3 per cent.
SBS Australia
an hour ago
- SBS Australia
SBS News in Filipino, Tuesday 8 July 2025
The Reserve Bank widely expected to cut interest rates today. Donald Trump imposes a 25 per cent tariff against Japan and South Korea. In Philippine news, the Department of Agriculture supports the proposed RICE Act, which would restore the National Food Authority's regulatory role to better support farmers and consumers. Buglas Futbol, a team of Filipina football players aged 12-15, will represent the Philippines in the 2025 Kanga Cup in Canberra on July 14-18. LISTEN TO THE PODCAST SBS Filipino 08/07/2025 07:30 Filipino 📢 Where to Catch SBS Filipino 📲 Catch up episodes and stories – Visit or stream on Spotify , Apple Podcasts , Youtube Podcasts , and SBS Audio app.
News.com.au
3 hours ago
- News.com.au
Charge dropped after Greens candidate injured in protest scuffle
Police have dropped one of the charges against former Greens candidate Hannah Thomas after it was found officers should not have used a rare emergency power introduced after the 2005 Cronulla riots. Ms Thomas was severely injured during a pro-Palestine protest in Sydney's southwest on June 27 that was attended by about 60 people, and left her with a bloody and battered eye. NSW Police said the protest was not authorised and attempted to disperse the group. 'Five people have been arrested following an unauthorised protest in Sydney's west this morning,' a statement at the time read. 'About 5.35am Friday, officers attached to Campsie Police Area Command attended Lakemba Street, Belmore. Police issued a move-on direction to a group of about 60 protesters, who allegedly attempted to block pedestrian access to the business. 'A 26-year-old man and a 35-year-old woman were subsequently arrested after allegedly failing to comply with the direction. During the 35-year-old woman's arrest, she sustained facial injuries and was taken to Bankstown Hospital for treatment.' Ms Thomas shared a picture of a swollen eye and streaks of blood rushing down her cheek, revealing she may lose her right eye after a second round of surgery, which she will undergo this week. Last week, Ms Thomas was charged with resisting arrest and refusing or failing to comply with a direction to disperse. Four others were also charged with a variety of offences. 'As police attempted to arrest the protesters who were not complying with the directions, a scuffle ensued between police and protesters,' a police statement read. Ms Thomas was additionally charged with a rarely used emergency anti-riot power under 6A of the Law Enforcement Powers and Responsibilities Act (LEPRA). The powers are in place to deal with 'large-scale public disorder', were introduced after the 2005 Cronulla riots and must be signed off by senior officers. On Monday afternoon, Assistant Commissioner Brett McFadden confirmed police had dropped the charge after reviewing the incident. He said 'police will seek to withdraw the alternative charge' at the next court appearance. Following the incident last month, Ms Thomas said she may lose her vision permanently and blamed 'draconian anti-protest laws' brought in by the Minns government. 'I don't want to get into too much detail about the traumatic events on Friday, but I'm five foot one, I weigh about 45kg, I was engaged in peaceful protest, and my interactions with NSW Police have left me potentially without vision in my right eye permanently,' she said in a clip shared by MP Sue Higginson. She is set to face Bankstown Local Court on August 12.
