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ASX to fall, Wall St tumbles on renewed Trump trade wars

ASX to fall, Wall St tumbles on renewed Trump trade wars

Australian shares are poised to open lower after US President Donald Trump threatened 25 per cent tariff rates on both Japan and South Korea as of August 1, leading US equities lower.
The Dow Jones Industrial Average tumbled near 650 points near 2.30pm in New York.
The president sent each nation a letter detailing his plans; he's expected to send about 12 letters on Monday (Tuesday AEST). At a White House briefing, his spokeswoman said the deadline for trade deals will formally later on Monday be pushed to August 1 from July 9.
The tariff rates for Japan and South Korea are in line with what Trump initially proposed. In a Truth Social post, he warned each nation not to retaliate.
Market highlights
ASX futures are pointing down 32 points or 0.4 per cent to 8541.
All US prices as of 2.30pm New York time.
Today's agenda
The RBA meets on Tuesday and it's widely expected that policymakers will vote for a 25 basis point cut.
Top stories
Billions for Made in Australia program 'may look protectionist' | The Productivity Commission has warned the government that its subsidies for domestic industry could be considered protectionism and suggested slashing tariffs on 300 imported goods.
Trump to levy 25pc tariffs on Japan, South Korea in August | The US president warned the nations against retaliation in his letters to them, saying any actions would be met with a response from the US.
Why the RBA's rate cuts won't fuel essential investment | Lower interests rate will not be enough to rev the engines of Australia's economy. The reform roundtable cannot come quickly enough, writes Paul Brennan.
| New research suggests a 40 per cent fall in analysts dialling in. In Australia, veterans say it's down to fewer, more junior, sell-side researchers.
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‘Dog's breakfast': Karl pans US beef deal
‘Dog's breakfast': Karl pans US beef deal

Perth Now

time26 minutes ago

  • Perth Now

‘Dog's breakfast': Karl pans US beef deal

A trade deal to accept US beef into Australia has been labelled a dog's breakfast by Karl Stefanovic after the Trade Minister's apparent gaffe claiming Donald Trump personally lobbied for the deal. Trade Minister Don Farrell on Sunday said the US President raised the issue directly with Anthony Albanese in one of the three phone conversations the leaders shared. The Prime Minister said that was incorrect, and on Tuesday Stefanovic put criticism of the beef deal to Labor frontbencher Amanda Rishworth. Senator Don Farrell admitted to making a mistake when he said Donald Trump had raised the issue of beef with Anthony Albanese. Jason Edwards / NewsWire Credit: NewsWire 'I think he has clarified his comments,' Ms Rishworth said of Senator Farrell. 'We've discussed it on this show, that Donald Trump made public his issues around beef imports and exports. That was not a secret. 'I think this is making a mountain out of a molehill. Quite frankly, just silly politics on the side. 'What's important here is putting forward our best foot forward, for the national interest, to be prosecuting our case with the US, and that's what our government will keep doing.' Stefanovic suggested the US beef deal had become a shambles and asked senator David Pocock what needed to happen. Amanda Rishworth defended her colleague, Trade Minister Don Farrell. NewsWire / Martin Ollman Credit: News Corp Australia 'David, do you think there should be an inquiry? I mean, it's starting to look more and more like a dog's breakfast,' Stefanovic said. 'I think there's real questions to answer around the timing of this,' the senator replied. 'And on the bigger issue, who's going to buy American beef? We have some of the best beef in the world here in Australia. I certainly won't be buying US beef. 'I think a lot of Australians will see it on the shelf, if it even gets here, and say 'well, I'm going to support Australia'.' The Coalition has already called for an inquiry into the beef deal, arguing the government has put biosecurity at risk as a bargaining chip for a US tariff exemption. The Coalition wants a Senate inquiry into the government backflip, citing the timing of the decision amid stalled tariff negotiations. Labor has rejected claims of the link to ongoing tariff discussions, saying the decision follows a lengthy review undertaken by the Department of Agriculture, Fisheries and Forestry, which found new tracing protocols eliminated risks posed by beef sourced from Canada and Mexico but slaughtered in the US. However, Nationals Leader David Littleproud said an inquiry was required to give 'assurance' that 'Labor isn't sacrificing our high biosecurity standards'. As of Monday, July 28, Australian businesses were able to apply for import licences to get US fresh beef and beef products.

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