MinRes rethinks Ellison's exit; CBA's dollar warning; Trump rattles markets
In today's news, MinRes rethinks Ellison's exit, CBA believes the Aussie dollar could plunge as much as US4¢ over the next few weeks, and Donald Trump's unpredictable approach to foreign policy rattles markets again.
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ABC News
29 minutes ago
- ABC News
Markets live: ASX to slip, Wall Street on edge as Donald Trump announces further tariffs
The Australian share market is likely to fall slightly in morning trade after yesterday's surprise decision by the Reserve Bank to keep interest rates on hold. Meanwhile, Wall Street traders were on edge after Donald Trump gave mixed signals about whether he would allow extensions to his new August 1 tariff deadline. The US president also announced steep tariffs on pharmaceuticals and copper imports. See how the trading day unfolds on our blog. Disclaimer: this blog is not intended as investment advice.
Sky News AU
40 minutes ago
- Sky News AU
Trump tells pharmaceutical manufacturers to ‘get their act together' or be tariffed
US President Donald Trump is taking aim at pharmaceutical manufacturers by threatening to impose a massive 200 per cent tariff on one of Australia's largest exports to the United States. The US President has told drug manufacturers they have one year to 'get their act together'. The US has long pressured the Australian government to overhaul its Pharmaceutical Benefits Scheme system, although pharmaceuticals accounted for $2 billion worth of exports in 2024. President Trump also announced a 50 per cent tariff on copper, although it is unclear when these levies will come into effect.
The Age
40 minutes ago
- The Age
Trump says big copper tariff coming along with crippling drug levy
President Donald 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. Trump told reporters during a cabinet meeting on Tuesday in the US he was still planning tariffs on select industries, including drugs, semiconductors, and metals. 'I believe the tariff on copper we're going to make it 50 per cent,' Trump said when asked by a reporter what the rate on those products would be. Copper futures in New York surged as much as 17 per cent after Trump's comments, the largest intraday gain in data going back to at least 1988. Commerce Secretary Howard Lutnick, speaking to CNBC shortly after the Cabinet meeting, said his department's investigation into copper had concluded and that he expected the levy 'likely to be put in place end of July — maybe August 1.' 'Copper is finished. We're done with our study,' Lutnick said. 'We've handed the study over to the president. The president knows that he has the ability, since we've studied the market for copper, to set the market tariff for copper.' Loading Trump said he expected to offer pharmaceutical manufacturers some time to bring their operations to the US before slapping tariffs of as much as 200 per cent on their products. An S&P 500 index of drugmakers turned negative after Trump's comments, while shares of Eli Lilly, Merck and Pfizer pared earlier gains. 'We're going to give people about a year, a year and a half, to come in,' Trump said. 'And after that they're going to be tariffed if they have to bring the pharmaceuticals into the country, the drugs and other things, into the country. They're going to be tariffed at a very very high rate, like 200 per cent. We'll give them a certain period of time to get their act together.'
