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Wall Street falls as tariff uncertainty weighs

Wall Street falls as tariff uncertainty weighs

"Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what Tesla investors want," said Art Hogan, chief market strategist at B Riley Wealth.
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Trump tariff threat clouds final day of BRICS summit
Trump tariff threat clouds final day of BRICS summit

Herald Sun

timean hour ago

  • Herald Sun

Trump tariff threat clouds final day of BRICS summit

Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. US President Donald Trump's decision to hit "anti-American" BRICS nations -- including China and India -- with an extra 10 percent trade tariff roiled the final day of the bloc's summit in Rio de Janeiro Monday. Trump threatened the 11-nation grouping -- which includes some of the world's fastest-emerging economies -- late on Sunday, after they warned against his "indiscriminate," damaging and illegal tariff hikes. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff," Trump wrote on social media. BRICS members account for about half the world's population and 40 percent of global economic output. Members China, Russia and South Africa responded coolly to Trump's latest verbal barrage, insisting the bloc was not seeking confrontation with Washington. But host Brazil's leftist President Luiz Inacio Lula da Silva was less diplomatic. "We are sovereign nations," Lula said. "We don't want an emperor." Conceived two decades ago as a forum for fast-growing economies, BRICS has come to be seen as a Chinese-driven effort to curb US global influence. But it is a quickly expanding and often divergent grouping -- bringing together arch US foes like Iran and Russia, with some of Washington's closest allies in Latin America, the Middle East, Africa, and Asia. Some US allies inside the bloc had tried to blunt criticism of Trump by not mentioning him or the United States by name in the summit statement. Saudi Arabia -- one of the biggest purchasers of US high-tech weapons -- even kept its foreign minister away from Sunday's talks and a BRICS group photo, seemingly to avoid Washington's ire. But such diplomatic gestures were lost on the US president who said "there will be no exceptions to this policy." - No shows - In April, Trump threatened a slew of punitive duties on dozens of economies, before backing off in the face of a fierce market sell-off. Now he is threatening to impose unilateral levies on trading partners unless they reach "deals" by August 1, with BRICS nations seemingly faced with higher tariffs than planned. It cannot have helped that BRICS leaders also condemned the recent US and Israeli bombing of Iran's nuclear facilities -- a show of solidarity with fellow member Iran. Beijing on Monday insisted BRICS was not seeking confrontation with the United States. "China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward," foreign ministry spokeswoman Mao Ning said. Beijing also defended the bloc as "an important platform for cooperation between emerging markets and developing countries." "It advocates openness, inclusivity, and win-win cooperation," Mao said. "It does not engage in camp confrontation and is not targeted at any country," she added. The Kremlin echoed that message with spokesman Dmitry Peskov telling Russian media that BRICS cooperation "has never been and will never be directed against third countries." The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who skipped the meeting for the first time in his 12 years as president. The Chinese leader is not the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, also opted to stay away, participating via video link. He told counterparts that BRICS had become a key player in global governance. arb/aks Originally published as Trump tariff threat clouds final day of BRICS summit

ICC issues warrants for Taliban over female persecution
ICC issues warrants for Taliban over female persecution

The Advertiser

timean hour ago

  • The Advertiser

ICC issues warrants for Taliban over female persecution

The International Criminal Court has issued arrest warrants for two Taliban leaders in Afghanistan, including supreme spiritual leader Haibatullah Akhundzada, accusing them of the persecution of women and girls. The ICC said there were reasonable grounds to believe that Akhundzada and Abdul Hakim Haqqani, chief justice of the Taliban, had committed the crime against humanity of persecution on gender grounds against girls, women and other persons non-conforming with the Taliban's policy on gender, gender identity or expression. Since the Islamist Taliban returned to power in 2021 it has clamped down on women's rights, including limits to schooling, work and general independence in daily life. The Taliban condemned the warrants as an example of hostility towards Islam. "We neither recognise anything by the name of an international court nor do we consider ourselves bound by it," the Taliban government's spokesman, Zabihullah Mujahid, added in a statement. It is the first time judges of the ICC have issued a warrant on charges of gender persecution. "While the Taliban have imposed certain rules and prohibitions on the population as a whole, they have specifically targeted girls and women by reason of their gender, depriving them of fundamental rights and freedoms," the court said. The full warrants and details on the specific incidents they are based on remain under seal to protect witnesses and victims, the court said. NGOs hailed the warrants and called on the international community to back the ICC's work. "The international community should fully back the ICC in its critical work in Afghanistan and globally, including through concerted efforts to enforce the court's warrants," Human Rights Watch International Justice director Liz Evenson, said in a statement. The ICC has been under increased criticism from non-member states such as the United States, Israel and Russia. Last year the court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes and crimes against humanity during the Gaza conflict. The ICC also issued an arrest warrant for Russian President Vladimir Putin in 2023 on suspicion of deporting children from Ukraine. Neither Russia nor Israel is a member of the court and both deny the accusations and reject ICC jurisdiction. Last month the United States imposed sanctions on four ICC judges including two who were involved in a ruling that allowed prosecutors to open a formal investigation into war crimes and crimes against humanity in Afghanistan, including alleged crimes committed by American troops. The ICC said it was an attempt to undermine the independence of an international judicial institution that provides hope and justice to millions of victims. The International Criminal Court has issued arrest warrants for two Taliban leaders in Afghanistan, including supreme spiritual leader Haibatullah Akhundzada, accusing them of the persecution of women and girls. The ICC said there were reasonable grounds to believe that Akhundzada and Abdul Hakim Haqqani, chief justice of the Taliban, had committed the crime against humanity of persecution on gender grounds against girls, women and other persons non-conforming with the Taliban's policy on gender, gender identity or expression. Since the Islamist Taliban returned to power in 2021 it has clamped down on women's rights, including limits to schooling, work and general independence in daily life. The Taliban condemned the warrants as an example of hostility towards Islam. "We neither recognise anything by the name of an international court nor do we consider ourselves bound by it," the Taliban government's spokesman, Zabihullah Mujahid, added in a statement. It is the first time judges of the ICC have issued a warrant on charges of gender persecution. "While the Taliban have imposed certain rules and prohibitions on the population as a whole, they have specifically targeted girls and women by reason of their gender, depriving them of fundamental rights and freedoms," the court said. The full warrants and details on the specific incidents they are based on remain under seal to protect witnesses and victims, the court said. NGOs hailed the warrants and called on the international community to back the ICC's work. "The international community should fully back the ICC in its critical work in Afghanistan and globally, including through concerted efforts to enforce the court's warrants," Human Rights Watch International Justice director Liz Evenson, said in a statement. The ICC has been under increased criticism from non-member states such as the United States, Israel and Russia. Last year the court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes and crimes against humanity during the Gaza conflict. The ICC also issued an arrest warrant for Russian President Vladimir Putin in 2023 on suspicion of deporting children from Ukraine. Neither Russia nor Israel is a member of the court and both deny the accusations and reject ICC jurisdiction. Last month the United States imposed sanctions on four ICC judges including two who were involved in a ruling that allowed prosecutors to open a formal investigation into war crimes and crimes against humanity in Afghanistan, including alleged crimes committed by American troops. The ICC said it was an attempt to undermine the independence of an international judicial institution that provides hope and justice to millions of victims. The International Criminal Court has issued arrest warrants for two Taliban leaders in Afghanistan, including supreme spiritual leader Haibatullah Akhundzada, accusing them of the persecution of women and girls. The ICC said there were reasonable grounds to believe that Akhundzada and Abdul Hakim Haqqani, chief justice of the Taliban, had committed the crime against humanity of persecution on gender grounds against girls, women and other persons non-conforming with the Taliban's policy on gender, gender identity or expression. Since the Islamist Taliban returned to power in 2021 it has clamped down on women's rights, including limits to schooling, work and general independence in daily life. The Taliban condemned the warrants as an example of hostility towards Islam. "We neither recognise anything by the name of an international court nor do we consider ourselves bound by it," the Taliban government's spokesman, Zabihullah Mujahid, added in a statement. It is the first time judges of the ICC have issued a warrant on charges of gender persecution. "While the Taliban have imposed certain rules and prohibitions on the population as a whole, they have specifically targeted girls and women by reason of their gender, depriving them of fundamental rights and freedoms," the court said. The full warrants and details on the specific incidents they are based on remain under seal to protect witnesses and victims, the court said. NGOs hailed the warrants and called on the international community to back the ICC's work. "The international community should fully back the ICC in its critical work in Afghanistan and globally, including through concerted efforts to enforce the court's warrants," Human Rights Watch International Justice director Liz Evenson, said in a statement. The ICC has been under increased criticism from non-member states such as the United States, Israel and Russia. Last year the court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes and crimes against humanity during the Gaza conflict. The ICC also issued an arrest warrant for Russian President Vladimir Putin in 2023 on suspicion of deporting children from Ukraine. Neither Russia nor Israel is a member of the court and both deny the accusations and reject ICC jurisdiction. Last month the United States imposed sanctions on four ICC judges including two who were involved in a ruling that allowed prosecutors to open a formal investigation into war crimes and crimes against humanity in Afghanistan, including alleged crimes committed by American troops. The ICC said it was an attempt to undermine the independence of an international judicial institution that provides hope and justice to millions of victims. The International Criminal Court has issued arrest warrants for two Taliban leaders in Afghanistan, including supreme spiritual leader Haibatullah Akhundzada, accusing them of the persecution of women and girls. The ICC said there were reasonable grounds to believe that Akhundzada and Abdul Hakim Haqqani, chief justice of the Taliban, had committed the crime against humanity of persecution on gender grounds against girls, women and other persons non-conforming with the Taliban's policy on gender, gender identity or expression. Since the Islamist Taliban returned to power in 2021 it has clamped down on women's rights, including limits to schooling, work and general independence in daily life. The Taliban condemned the warrants as an example of hostility towards Islam. "We neither recognise anything by the name of an international court nor do we consider ourselves bound by it," the Taliban government's spokesman, Zabihullah Mujahid, added in a statement. It is the first time judges of the ICC have issued a warrant on charges of gender persecution. "While the Taliban have imposed certain rules and prohibitions on the population as a whole, they have specifically targeted girls and women by reason of their gender, depriving them of fundamental rights and freedoms," the court said. The full warrants and details on the specific incidents they are based on remain under seal to protect witnesses and victims, the court said. NGOs hailed the warrants and called on the international community to back the ICC's work. "The international community should fully back the ICC in its critical work in Afghanistan and globally, including through concerted efforts to enforce the court's warrants," Human Rights Watch International Justice director Liz Evenson, said in a statement. The ICC has been under increased criticism from non-member states such as the United States, Israel and Russia. Last year the court issued an arrest warrant for Israeli Prime Minister Benjamin Netanyahu for alleged war crimes and crimes against humanity during the Gaza conflict. The ICC also issued an arrest warrant for Russian President Vladimir Putin in 2023 on suspicion of deporting children from Ukraine. Neither Russia nor Israel is a member of the court and both deny the accusations and reject ICC jurisdiction. Last month the United States imposed sanctions on four ICC judges including two who were involved in a ruling that allowed prosecutors to open a formal investigation into war crimes and crimes against humanity in Afghanistan, including alleged crimes committed by American troops. The ICC said it was an attempt to undermine the independence of an international judicial institution that provides hope and justice to millions of victims.

Aussie dollar, iron ore threatened as tariff war grows
Aussie dollar, iron ore threatened as tariff war grows

The Advertiser

timean hour ago

  • The Advertiser

Aussie dollar, iron ore threatened as tariff war grows

The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out."

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