Chalmers rules out using PBS as bargaining chip in face of Trump's pharma tariffs
But Treasurer Jim Chalmers ruled out changes to Australia's prized Pharmaceutical Benefits Scheme, which subsidises medicines and secures discounts through bulk buying from manufacturers, infuriating the American industry that views it as anti-competitive.
Trump said he plans to implement a 50 per cent duty on US copper imports, while also indicating he could offer pharmaceutical manufacturers at least a year before applying a crippling 200 per cent tariff on their foreign-made products.
'They're going to be tariffed at a very, very high rate, like 200 per cent,' Trump told reporters at a cabinet meeting on Tuesday. 'We'll give them a certain period of time to get their act together.'
Pharmaceutical products are the third-biggest category in Australia's exports to the US, after beef and gold. The category is worth about $US1.3 billion a year and includes plasma exports from biotech giant CSL, a company that also has large US operations.
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Chalmers said on Wednesday that Australian copper exports to the US were less than 1 per cent of total trade, but pharmaceuticals were worth much more.
'Our pharmaceuticals industry is much more exposed to the US market, and that's why we're seeking, urgently seeking, some more detail on what's been announced,' he told ABC Radio National Breakfast.
'I want to make it really clear once again, as we have on a number of occasions before, our pharmaceutical benefit scheme is not something that willing to we're willing to trade away or do deals on.'
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The Advertiser
16 minutes ago
- The Advertiser
Rubio affirms US focus on Asia as Trump tariffs loom
US Secretary of State Marco Rubio is meeting counterparts in Southeast Asia during his first visit to the region since taking office, reassuring them it is a priority for Washington, despite President Donald Trump's tariffs. Washington's top diplomat joined foreign ministers of the 10-member Association of Southeast Asian Nations in Kuala Lumpur at a meeting on Thursday that includes Australia, China, the European Union, Japan, Russia, South Korea and Russia, and others. The visit is part of an effort to renew US focus on the Indo-Pacific and look beyond conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention. "It is our view, our strong view, and the reality that this century and the next, the story of the next 50 years, will largely be written here in this region, in this part of the world," Rubio told the gathering of ASEAN ministers. "When I hear ... that perhaps the United States or the world might be distracted by events in other parts of the planet, I would say distraction is impossible," said Rubio, who doubles as national security adviser. However, Trump's global tariff strategy is likely to cast a shadow over the trip after he unveiled steep tariffs from August 1 on seven ASEAN members, including Malaysia, as well as on close allies Japan and South Korea. Rubio would nevertheless seek to firm US ties with partners and allies unnerved by the tariffs, and was likely to press the case that the United States remained a better partner than China, Washington's main strategic rival, experts said. China's Foreign Minister Wang Yi and Russian counterpart Sergei Lavrov are also attending the event. Rubio was set for talks with Lavrov later on Thursday that will be their second in-person meeting, at a time when Trump has grown increasingly frustrated with Russian President Vladimir Putin as the war in Ukraine drags on. On Monday, a senior State Department official said Rubio's priorities for the trip included reaffirming Washington's commitment to the region, not just for its sake but because it promoted American prosperity and security. Security co-operation was a top priority in areas such as the strategic South China Sea and combating transnational crime, narcotics, scam centres, and people-trafficking, the official said. As well as their tariff unease, many have doubts about the willingness of Trump's "America First" administration to fully engage diplomatically and economically with the region. Trump will impose a tariff of 25 per cent on Japan and South Korea and has taken aim at ASEAN nations, with a levy of 25 per cent on Malaysia, 32 per cent on Indonesia, 36 per cent on Cambodia and Thailand, as well as 40 per cent on Laos and Myanmar. He has also stepped up to 20 per cent from 17 per cent the tariff on US defence treaty ally the Philippines. Only Vietnam has secured a deal with Trump to lower its levy to 20 per cent from an initial 46 per cent. Trump has also upset another key Indo-Pacific ally, Australia, which said on Wednesday it was "urgently seeking more detail" on his threat of 200 per cent tariffs on pharmaceutical imports. A draft joint communique seen by Reuters shows that ASEAN foreign ministers will express "concern over rising global trade tensions and growing uncertainties ... particularly the unilateral actions relating to tariffs". Monday's draft uses language similar to an ASEAN leaders' statement in May, saying tariffs are "counterproductive and risk exacerbating global economic fragmentation". US Secretary of State Marco Rubio is meeting counterparts in Southeast Asia during his first visit to the region since taking office, reassuring them it is a priority for Washington, despite President Donald Trump's tariffs. Washington's top diplomat joined foreign ministers of the 10-member Association of Southeast Asian Nations in Kuala Lumpur at a meeting on Thursday that includes Australia, China, the European Union, Japan, Russia, South Korea and Russia, and others. The visit is part of an effort to renew US focus on the Indo-Pacific and look beyond conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention. "It is our view, our strong view, and the reality that this century and the next, the story of the next 50 years, will largely be written here in this region, in this part of the world," Rubio told the gathering of ASEAN ministers. "When I hear ... that perhaps the United States or the world might be distracted by events in other parts of the planet, I would say distraction is impossible," said Rubio, who doubles as national security adviser. However, Trump's global tariff strategy is likely to cast a shadow over the trip after he unveiled steep tariffs from August 1 on seven ASEAN members, including Malaysia, as well as on close allies Japan and South Korea. Rubio would nevertheless seek to firm US ties with partners and allies unnerved by the tariffs, and was likely to press the case that the United States remained a better partner than China, Washington's main strategic rival, experts said. China's Foreign Minister Wang Yi and Russian counterpart Sergei Lavrov are also attending the event. Rubio was set for talks with Lavrov later on Thursday that will be their second in-person meeting, at a time when Trump has grown increasingly frustrated with Russian President Vladimir Putin as the war in Ukraine drags on. On Monday, a senior State Department official said Rubio's priorities for the trip included reaffirming Washington's commitment to the region, not just for its sake but because it promoted American prosperity and security. Security co-operation was a top priority in areas such as the strategic South China Sea and combating transnational crime, narcotics, scam centres, and people-trafficking, the official said. As well as their tariff unease, many have doubts about the willingness of Trump's "America First" administration to fully engage diplomatically and economically with the region. Trump will impose a tariff of 25 per cent on Japan and South Korea and has taken aim at ASEAN nations, with a levy of 25 per cent on Malaysia, 32 per cent on Indonesia, 36 per cent on Cambodia and Thailand, as well as 40 per cent on Laos and Myanmar. He has also stepped up to 20 per cent from 17 per cent the tariff on US defence treaty ally the Philippines. Only Vietnam has secured a deal with Trump to lower its levy to 20 per cent from an initial 46 per cent. Trump has also upset another key Indo-Pacific ally, Australia, which said on Wednesday it was "urgently seeking more detail" on his threat of 200 per cent tariffs on pharmaceutical imports. A draft joint communique seen by Reuters shows that ASEAN foreign ministers will express "concern over rising global trade tensions and growing uncertainties ... particularly the unilateral actions relating to tariffs". Monday's draft uses language similar to an ASEAN leaders' statement in May, saying tariffs are "counterproductive and risk exacerbating global economic fragmentation". US Secretary of State Marco Rubio is meeting counterparts in Southeast Asia during his first visit to the region since taking office, reassuring them it is a priority for Washington, despite President Donald Trump's tariffs. Washington's top diplomat joined foreign ministers of the 10-member Association of Southeast Asian Nations in Kuala Lumpur at a meeting on Thursday that includes Australia, China, the European Union, Japan, Russia, South Korea and Russia, and others. The visit is part of an effort to renew US focus on the Indo-Pacific and look beyond conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention. "It is our view, our strong view, and the reality that this century and the next, the story of the next 50 years, will largely be written here in this region, in this part of the world," Rubio told the gathering of ASEAN ministers. "When I hear ... that perhaps the United States or the world might be distracted by events in other parts of the planet, I would say distraction is impossible," said Rubio, who doubles as national security adviser. However, Trump's global tariff strategy is likely to cast a shadow over the trip after he unveiled steep tariffs from August 1 on seven ASEAN members, including Malaysia, as well as on close allies Japan and South Korea. Rubio would nevertheless seek to firm US ties with partners and allies unnerved by the tariffs, and was likely to press the case that the United States remained a better partner than China, Washington's main strategic rival, experts said. China's Foreign Minister Wang Yi and Russian counterpart Sergei Lavrov are also attending the event. Rubio was set for talks with Lavrov later on Thursday that will be their second in-person meeting, at a time when Trump has grown increasingly frustrated with Russian President Vladimir Putin as the war in Ukraine drags on. On Monday, a senior State Department official said Rubio's priorities for the trip included reaffirming Washington's commitment to the region, not just for its sake but because it promoted American prosperity and security. Security co-operation was a top priority in areas such as the strategic South China Sea and combating transnational crime, narcotics, scam centres, and people-trafficking, the official said. As well as their tariff unease, many have doubts about the willingness of Trump's "America First" administration to fully engage diplomatically and economically with the region. Trump will impose a tariff of 25 per cent on Japan and South Korea and has taken aim at ASEAN nations, with a levy of 25 per cent on Malaysia, 32 per cent on Indonesia, 36 per cent on Cambodia and Thailand, as well as 40 per cent on Laos and Myanmar. He has also stepped up to 20 per cent from 17 per cent the tariff on US defence treaty ally the Philippines. Only Vietnam has secured a deal with Trump to lower its levy to 20 per cent from an initial 46 per cent. Trump has also upset another key Indo-Pacific ally, Australia, which said on Wednesday it was "urgently seeking more detail" on his threat of 200 per cent tariffs on pharmaceutical imports. A draft joint communique seen by Reuters shows that ASEAN foreign ministers will express "concern over rising global trade tensions and growing uncertainties ... particularly the unilateral actions relating to tariffs". Monday's draft uses language similar to an ASEAN leaders' statement in May, saying tariffs are "counterproductive and risk exacerbating global economic fragmentation". US Secretary of State Marco Rubio is meeting counterparts in Southeast Asia during his first visit to the region since taking office, reassuring them it is a priority for Washington, despite President Donald Trump's tariffs. Washington's top diplomat joined foreign ministers of the 10-member Association of Southeast Asian Nations in Kuala Lumpur at a meeting on Thursday that includes Australia, China, the European Union, Japan, Russia, South Korea and Russia, and others. The visit is part of an effort to renew US focus on the Indo-Pacific and look beyond conflicts in the Middle East and Europe that have consumed much of the Trump administration's attention. "It is our view, our strong view, and the reality that this century and the next, the story of the next 50 years, will largely be written here in this region, in this part of the world," Rubio told the gathering of ASEAN ministers. "When I hear ... that perhaps the United States or the world might be distracted by events in other parts of the planet, I would say distraction is impossible," said Rubio, who doubles as national security adviser. However, Trump's global tariff strategy is likely to cast a shadow over the trip after he unveiled steep tariffs from August 1 on seven ASEAN members, including Malaysia, as well as on close allies Japan and South Korea. Rubio would nevertheless seek to firm US ties with partners and allies unnerved by the tariffs, and was likely to press the case that the United States remained a better partner than China, Washington's main strategic rival, experts said. China's Foreign Minister Wang Yi and Russian counterpart Sergei Lavrov are also attending the event. Rubio was set for talks with Lavrov later on Thursday that will be their second in-person meeting, at a time when Trump has grown increasingly frustrated with Russian President Vladimir Putin as the war in Ukraine drags on. On Monday, a senior State Department official said Rubio's priorities for the trip included reaffirming Washington's commitment to the region, not just for its sake but because it promoted American prosperity and security. Security co-operation was a top priority in areas such as the strategic South China Sea and combating transnational crime, narcotics, scam centres, and people-trafficking, the official said. As well as their tariff unease, many have doubts about the willingness of Trump's "America First" administration to fully engage diplomatically and economically with the region. Trump will impose a tariff of 25 per cent on Japan and South Korea and has taken aim at ASEAN nations, with a levy of 25 per cent on Malaysia, 32 per cent on Indonesia, 36 per cent on Cambodia and Thailand, as well as 40 per cent on Laos and Myanmar. He has also stepped up to 20 per cent from 17 per cent the tariff on US defence treaty ally the Philippines. Only Vietnam has secured a deal with Trump to lower its levy to 20 per cent from an initial 46 per cent. Trump has also upset another key Indo-Pacific ally, Australia, which said on Wednesday it was "urgently seeking more detail" on his threat of 200 per cent tariffs on pharmaceutical imports. A draft joint communique seen by Reuters shows that ASEAN foreign ministers will express "concern over rising global trade tensions and growing uncertainties ... particularly the unilateral actions relating to tariffs". Monday's draft uses language similar to an ASEAN leaders' statement in May, saying tariffs are "counterproductive and risk exacerbating global economic fragmentation".
AU Financial Review
28 minutes ago
- AU Financial Review
These art collectors have lost $250k on NFTs. They still love them
Bitcoin? At record levels. Artificial intelligence? Yes, please. Data centres? The hottest thing going. And NFTs, the art industry's entree to the world of the future? Eh, not so much. Four years since the world was awash with images of cartoon apes costing hundreds of thousands of dollars, and non-fungible tokens were being inserted into everything from handbags to diamonds, the dream is struggling along. Here are some shocking numbers. One cryptocurrency trader outlaid $US69.3 million ($106 million) for a single piece of NFT, a piece known as Everydays: The First 5000 Days, by American artist Mike Winkelmann, or Beeple. That was March 2021, and the piece was the first NFT artwork ever to be offered by a major auction house, on this occasion Christie's. The total value of NFT transactions reached $US57 billion in 2022.
The Age
40 minutes ago
- The Age
Australia's independence and national interest
On the flipsideBeing an old Northcote boy, ex Herbert Street, I applaud the residents for refusing Macca's push for a store in their suburb. Here's a chance to boycott the US, so I hope you succeed. John Cain, McCrae Broken care systemWhen Australians outsource care to childcare, disability or aged care industries, they do so because of an initial assumed trust, based on their experience of living in Australia, that of all countries, Australia is one where what should happen does happen, and what shouldn't happen doesn't those who trustingly outsource care have to decide, in the case of childcare, which staff members to deem trustworthy enough to dispense the care, or in the case of aged care, are only able to outsource care under the condition of there being no right of enforceable visitor access to check on the care, those care systems are broken and not worthy of deregulating care sectors, the Australian government has caused twofold harm. 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Peter Hayne, The Patch Deregulation failureIn the early 1990s the Labor government, and subsequently the Coalition, became captured by public policy that the solution to economic and productivity growth was market-oriented government characterised by deregulation, privatisation and contracting out. And where did that get us? Major regulatory and performance failures in childcare, aged care, housing and vocational training, and a decline in productivity. And here we go again. Again we find the treasurer, prime minister and the productivity commissioner promoting the idea of getting rid of redtape or freeing up the private it ever occurred to policy officials that the mediocre performance of recent decades might be because of the deregulation and related market-oriented reforms and the so-called solution may be part of the problem? We should be looking at more effective and nuanced regulation than just more deregulation. The risk is that other muted productivity reforms, such as taxation, will be successfully blocked by vested interests while the low-hanging fruit of further deregulation will become ″the reform″. Terry Burke, Paterson A drive for lifeAs retiring Baby Boomers practise the art of golf, conversation often settles on various ailments and what remains on your 'bucket list'. I try to combine the week, I seek perfection in every drive, chip, and putt. It never happens and I thought would never happen until the other day when I got a hole-in-one, the holy grail of most golfers. I was ecstatic. A friend, trying to keep matters in perspective, produced some statistics that suggest it is not as rare as you would think. But how many of them have had Parkinson's disease for nearly 20 years, I protested.I'm a bit slower around the course nowadays and my golfing friends fetch a lot of my wayward shots but it's one thing I can cross off my bucket list. A diagnosis of Parkinson's is not the end of the world. Put whatever you want on your bucket list and go for it. You, too, might get a hole-in-one. Phillip Hoysted, South Hobart, Tas Trump, call PutinI would suggest a rapid call to Vladimir Putin if Donald Trump expects to raise the Nobel Peace Prize above his head if the recent drone and missile strikes on Ukraine over the past 24 hours are any indication of his ability to bring peace comparable with Mahatma Gandhi and Nelson Mandela. David West, Essendon Education for allThe recommendation in the Special Envoy's Plan to Combat Antisemitism to introduce a school program on how to deal with antisemitism is a positive one.I hope it can be matched with a school program on how to deal with the grief of witnessing starvation, maiming and killing of thousands of children in is devastating to see no punitive sanctions against Israel from our government. Colleen Coghlan, Prahran Tragedy's reachRather than the demonisation of Israel being the biggest tragedy of the conflict in Palestine (Letters, 9/7) might one suggest that the killing of tens of thousands of people and the near total destruction of their homeland is a far greater tragedy on every level. Further, might one also suggest that if the public image of Israel is such an issue, then Israel itself may want to consider the actions that create that perception and maybe even cease them. Graeme Gardner, Reservoir Unpeaceful marchesUnfortunately, the regular anti-Israel protests in the city are not peaceful, as your correspondent claims (Letters, 9/7). How can they be when they regularly feature calls for the destruction of Israel, chants demonising all Zionists as terrorists, flags and photos of terrorist groups and their leaders, and now chants calling for death to Israel's defence force?Your correspondent claims the marchers are demonised for what others do around them, but it's hard to believe that the incitement from these marches doesn't directly lead to antisemitic attacks. Why does the correspondent not arrange for her own peaceful demonstrations just like the peaceful protests in support of Israel do?These demonstrations are not genuinely about peace, or they would also condemn Hamas, which started this war, perpetuates this war, and sacrifices its people for PR purposes. Stephen Lazar, Elwood The human tollI wonder whether anyone else feels just deeply saddened by the story of a woman who lured three people to their deaths, and another to illness and deep grief?It is an extraordinary story: idyllic town, religious community, marriage breakdown, and a very exotic choice of murder weapon. Indeed, all true crime storytellers must be eager to bring their version to an audience: those who travelled to the court or breathlessly awaited media yet, despite the fascinating details of this case, this is just a deeply sad story. I do not know – as was 'diagnosed' by a columnist in The Age this week – whether Erin Patterson has narcissistic personality disorder, but I do know she has her own sad story that led her to do something truly terrible. I know there are confused and hurting children, a devastated new widower, a haunted ex-husband/son and an aching story is not salacious, it is just very sad. I hope that we can remember the human toll of our curiosity in our rush to gobble up the latest details of this awful case. Nickie Gyomber, Alphington Interlocking logicThe wearing of seatbelts became mandatory in Victoria in 1970. We were the first in the world to do so. Initially, there was some resistance based on the removal of freedom of choice. The impact on the road toll was instant, and continues to be significant 'interlock device″ prevents anyone with a blood alcohol level of above the maximum allowable level from starting their vehicle. This is a case of after-the-fact protection of the community and the if we were to again be trailblazers of road safety? What if it every vehicle was fitted with this device and was mandatory as were seatbelts? Would the additional cost not be worth the guarantee of no drunk drivers on the road? What if it became as accepted and automatic as clicking seatbelts? Ray Way, Blackburn South Relief from miseryOn a miserable day with miserable news reports and miserable weather, thank you John Silvester for in-depth analysis of the world and local events surrounding the, but not of, the Morwell trial (″The butcher, the fashion choice and the old job: The red flags in killer's claims″, 10/7). I am still giggling while I am writing this and will probably do so throughout the day. Veronica Padkins, Somers Credit: Matt Golding AND ANOTHER THING QantasQantas should introduce a frequent hacker account, where you earn points every time your personal information is used. Paul Custance, Highett I am finally in an exclusive club. My Qantas data has been hacked just the same as the members of The Chairman's Lounge. Marie Nash, Balwyn TrumpDonald Trump thinks he rules the world. If only we'd stayed with the French nuclear submarine deal. Katriona Fahey, Alphington After seeing Donald Trump and Benjamin Netanyahu at their formal dinner, I feel moved to nominate both for the Nobel Comb Over of the Year Prize. Their follicular excellence deserves international recognition, while their leadership and humanity do not. Mick Hussey, Beaconsfield If Donald Trump doesn't win the Nobel Peace Prize he will no doubt claim he was robbed and threaten to annex Norway. Bernd Rieve, Brighton ″Netanyahu nominates Trump for peace prize″ (9/7). Was that part of the deal? Martin Shaw, Mirboo North I would, formally, like to nominate Donald Trump for the 'nobble' prize. Robert Juozas, Eaglemont FurthermoreDump AUKUS. War has changed. What can a submarine, even a wiz-bang nuclear one, do to stop a drone, or an explosive device in a mobile phone? Wendy Brennan, Bendigo It is apparent at least six RBA members have never experienced family living in the outer suburbs while trying to pay down a mortgage. Arthur Pritchard, Ascot Vale The people of Gaza aren't responsible for the crimes of Hamas. Neither should our Jewish citizens be blamed for the crimes of Israel. Malcolm McDonald, Burwood
