Trump administration sets new tariff deadline
Donald Trump announced his 'reciprocal tariffs' on April 2 but paused them for 90 days to give countries time to negotiate deals with Washington.
Australia was not slapped with those duties but was instead subjected to the universal 10 per cent imposts on all foreign imports – a position Anthony Albanese has said he did not expect to change.
US Treasury Secretary Scott Bessent said overnight that countries set to be slugged with steeper tariffs would receive letters indicating their new rates if they failed to secure deals before the new deadline.
'President Trump is going to be sending letters to some of our trading partners saying that, if you don't move things along, then on August 1st, you will boomerang back to your April 2nd tariff level,' Mr Bessent told CNN.
'So, I think we're going to see a lot of deals very quickly.'
He said the US President would 'send out probably 100 letters to small countries where we don't have very much trade and most of those are already at the baseline 10 per cent'.
Mr Bessent also denied August 1 was a new deadline, despite the Trump administration characterising July 9 as a final cut-off.
'It's not a new deadline,' he said.
'We are saying, this is when it's happening.
'If you want to speed things up, have at it. If you want to go back to the old rate that's your choice.'
He said the 'playbook is to apply maximum pressure'.
'We saw three weeks ago that the EU was very slow in coming to the table,' Mr Bessent said.
'Three weeks ago, on Friday morning, President Trump threatened 50 per cent tariffs, and, within a few hours, five of the European national leaders had called him and Ursula von der Leyen, the head of the EU, was on the phone, and the EU is making very good progress.
'They were off to a slow start.'
Earlier in the initial 90-day pause, the Trump administration told the Albanese government it would not receive a letter hitting Australia with a steeper rate.
Aside from the baseline 10 per cent tariffs, Australia is subjected to levies of up to 50 per cent on steel and aluminium.
So far, only the UK and the Vietnam have negotiated deals with the US.
But neither country has had tariffs removed entirely.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News.com.au
37 minutes ago
- News.com.au
Best Deals Of The Week: Bed, Bath N' Table, The Oodie, Dyson
The end of financial year may have come and gone but someone forgot to tell retailers because the incredible sales are still hanging around. We've spotted up to 30 per cent off the cult Bed, Bath N Table flannelette pyjamas. The cosy Emma Flannelette Pyjamas are now $34.95, down from $49.95. And if you've had your eye on the best-selling Sweet Cherry Flannelette Pyjamas that have already sold out three times this winter, you're in luck. The uber cute jammies have finally been restocked but make sure to get in quick before they sell out again. For those not into flannelette pyjamas, you can also save big at The Oodie with the Aussie brand holding a massive Nothing Over $49 Sale. Staying on the bedroom theme, you can also save up to 50 per cent on Sheridan at Myer. The top-rated Bayley Stripe Washed Percale Sheet Set in Lemon is down to half price while the Reilly Stripe Quilt Cover Set in Atlantic is 40 per cent off. Our friends at Dyson are being extra friendly and still playing host to their mega EOFY sale with up to 50 per cent off selected items including $600 off the Dyson Gen5detect Complete vacuum and $500 off the Dyson V8 Absolute vacuum. Plus, Amazon Prime Day may be officially kicking off tomorrow but some mammoth early deals have already landed. Save time vacuuming with huge discounts on Roborock including $501 off the Roborock S7 Max Ultra Robot Vacuum and Vibrating Mop ($1498, down from $1999). And for a more affordable option, you can nab 33 per cent off the Roborock Q7B Robot Vacuum ($398, down from $599). And, get your personal hygiene up to scratch with major savings on Philips electric trimmers and shavers. The top-rated Philips OneBlade 360 is now down to just $88.79 while the more luxe Philips Shaver Series 9000 Electric Shaver is 43 per cent off, down to $342. Finally, get your winter wardrobe sorted with up to 50 per cent off JAG and up to 50 per cent off Strandbags including an extra 20 per cent off already reduced selected leather items. Happy shopping. In this article Please note: price are correct and products in stock at time of publishing. We'll do our best to keep this story updated, but be aware products move fast during sales events. EDITOR'S PICKS: BEST DEALS OF THE WEEK Bed, Bath N Table 30 per cent off silk collection Up to 40 per cent off Milano linen Shop the clearance sale Up to 60 per cent off flannelette Up to 30 per cent off flannelette pyjamas Amazon Australia The Good Guys Myer Up to 50 per cent off stocktake sale Up to 50 per cent off women's fashion 50 per cent off Sleepmaker Huge savings on selected appliances by Breville, KitchenAid, Philips, De'Longhi, Shark and more 50 per cent off selected quilt covers and sheets 50 per cent off dinnerware, glassware and more Up to 50 per cent off Sheridan Up to 50 per cent off Rodd & Gunn 30 per cent off women's intimate apparel Up to 40 per cent off men's footwear Selected men's jeans from $49 25 per cent off men's formal suits 15-25 per cent off toys Up to 20 per cent off LEGO Up to 30 per cent off selected fragrances 40 per cent off Revlon and Nude by Nature 40 per cent off Jamie Oliver by Tefal Hard Anodised Induction Frypan 30cm in Coal Grey for$131.99 (down from $219.99) 40 per cent off Jamie Oliver by Tefal Cooks Classic All-In-One Pan with Lid 30cm/5 in Coal Grey for $179.99 (down from $299.99) Lego The Iconic Spend and save up to 25 per cent off Up to 40 per cent off school holiday essentials Up to 60 per cent off the end of season sale Up to 60 per cent off designer clearance Dyson Sephora Samsung Save $300 off the Galaxy Tab S10+ Up to $400 off Galaxy S25 Series Up to $400 off Galaxy S25 Edge Up to $350 off Galaxy S24 FE eBay Save big on Devanti heaters Up to $120 off winter picks 86 per cent off the BLACK LORD Treadmill Electric Walking Pad Under Desk Home Office Fitness Black 26 per cent off the PlayStation VR2 Gaming Headset – White Smilie Up to 40 per cent off sale $100 off Smilie Boost Teeth Whitening Kit, $119 (down from $219) Yinahla SmilePro 50 per cent off the Advanced Teeth Whitening Kit, $104.50 (down from $209) Bae the Label Up to 40 per cent off sale The Oodie Sleeping Duck Sleep Firm 20 per cent off mattresses My Queensland GLAMRDiP Unwritten Hair Emamaco Shop the epic outlet sale Emma Sleep Up to 55 per cent off sale 55 per cent off the Emma Luxe Pro Mattress 45 per cent off the Emma Comfort Essential Mattress 40 per cent off the Emma Diamond Hybrid Mattress 10 per cent off the Emma Metal Bed BEST TRAVEL DEALS Inspiring Vacations Monos 20 per cent off sitewide using code SUMMER Antler Spend and save up to 30 per cent American Tourister Spend and save up to 40 per cent off July Bundle and save up to $125 off Samsonite Spend and save up to 40 per cent off Strand Up to 50 per cent off sale BEST HOME DEALS Breville Up to $600 off sale $200 off the Smart Oven Pizzaiolo, $799 (down from $999) $150 off the 3X Bluicer, $399 (down from $549) Origin Mattress Up to 45 per cent off sitewide Pillow Talk Shop the winter sale Bed Bath N' Table Up to 60 per cent off the clearance sale Sheridan 40 per cent off the 1200TC Millennia and Palais Collection Sheridan Outlet 50 per cent off towels, sheets, robes and more Freedom 50 per cent off any second item Our Place $295 off the Cookware Set, $650 (down from $945) Temple & Webster Up to 50 per cent off sale James Lane Up to 50 per cent off sale Adairs Spend and save up to $200 off No. 22 Home Shop the sale Canningvale 50 per cent off sitewide KitchenAid Shop the sale event Sheet Society 20-50 per cent off selected styles Ninja Up to 60 per cent off sale Miss Amara Up to 60 per cent off sitewide Maison Balzac 25 per cent off selected styles BEST TECH DEALS Lenovo Up to 43 per cent off sale HP Vodafone Get 50GB for just $49/mth Bose Shop the mega sale JBL Up to 50 per cent off sale LG Up to 30 per cent off sale Sonos BEST FASHION DEALS Witchery Shop the epic end of season sale Novo Shoes Shop the sale Bonds 40 per cent off zippys and kids sleep Cotton On Up to 50 per cent off sale Calvin Klein 30 per cent off full price styles 40 per cent off jackets and outerwear Viktoria & Woods Up to 50 per cent off the end of season sale CAMILLA AND MARC Up to 40 per cent off selected styles Country Road Up to 50 per cent off selected styles Target Australia 30 per cent off selected Lily Loves Manning Cartell Up to 60 per cent off sale dresses, tops, skirts and more Under Armour Shop the outlet sale Lorna Jane Shop the outlet sale Adidas Shop the outlet sale Nike Up to 40 per cent off sale Tommy Hilfiger 30 per cent off selected styles Shoe Warehouse Up to 60 per cent off sale Extra 25 per cent off already reduced boots Meshki 30-60 per cent off sale Gorman Up to 50 per cent off sitewide Princess Highway 20-60 per cent off sale Dangerfield 20-60 per cent off sale Coach Outlet Spend and save up to 50 per cent off Oroton Up to 40 per cent off selected styles Christopher Esber Shop the end of season sale Elka Collective Shop the end of season sale Stylerunner Up to 50 per cent off sale Betts 30-70 per cent off everything Le Specs 30 per cent off selected styles ASOS BEST HEALTH AND BEAUTY DEALS Priceline Up to 50 per cent off clearance beauty Buy two, save 20 per cent tbh skincare Spend and save up to 30 per cent Boost Lab Spend and save up to 30 per cent off Kiehl's 20 per cent off the winter sale SkinCeuticals 20 per cent off routine sets MAC Cosmetics Up to 40 per cent off sale Sephora LELO Up to 40 per cent off sale iHerb 21 per cent off sitewide (when you spend over $70) Lovehoney Up to 70 per cent off clearance Shaver Shop Up to 75 per cent off sale Laser Clinics Australia 50 per cent off selected hair removal and selected skin treatments Wild Secrets Sign up to our weekly shopping newsletter to get the best deals, shopping tips and guides delivered straight to your inbox.
News.com.au
an hour ago
- News.com.au
Star Entertainment scrambles to save collapsing Brisbane deal
Star Entertainment has extended the deadline and avoided the collapse of its Queen Wharf deal, but it could cost the embattled casino. In a fresh announcement, Star confirmed that it would repay $10m of proceeds it received from joint venture partners Chow Tai Fook Enterprises and Far East Consortium if a deal to buy the Queen's Wharf casino and entertainment precinct in Brisbane wasn't reached by July 31. Star would also have to reimburse the joint venture partners $26.5m in contributions that have been made to the casino since March 31, 2025. Star now has until the end of the month to lock in a deal to sell its half of the $4bn complex to the consortium, which last week gave notice that it wanted to terminate the deal on Monday. As part of its strategy to raise much-needed cash, Star agreed to sell its 50 per cent stake in Queen's Wharf, known as Destination Brisbane Consortium, to the joint venture partners for $53m. But last week the joint venture partners announced that they wanted to walk away from an agreement struck in March to take over Star's stake in the complex. 'Since the recent general meeting, the parties have continued to negotiate with a view to finalising the long form documents but, as of this morning, have not reached an agreement on the outstanding commercial issues,' Star said in an ASX release last week.
Sky News AU
an hour ago
- Sky News AU
ASX 200 zig-zags as investors await US President Donald Trump's Liberation Day tariff suspension to finish this week
The ASX 200 has zig-zagged as investors brace for Donald Trump's 90-day tariff pause to end this week and await another cut from the RBA. Materials companies led the charge in the first 45 minutes of trading on Monday with Origin Energy jumping 5.7 per cent and Bellevue Gold adding 5.4 per cent while finance company HUB24 has added about two per cent per cent. Gold producer Northern Star fell six per cent after its latest production report showed growth towards the bottom end of its forecast. Investors await Trump's 90-day pause on his sweeping 'Liberation Day' tariffs to finish on July 9 as major US trading partners rush to secure deals to avoid hefty levies. US Treasury Secretary Scott Bessent signaled some countries without an agreement by the deadline could secure a three-week extension to negotiate further. Investors also await the Reserve Bank of Australia's upcoming cash rate call where the central bank is tipped to deliver the third rate cut of 2025. This could mark the first consecutive cut since the RBA delivered an emergency cut in March 2020. The Nasdaq grew one per cent on Friday while the S&P 500 and the Dow Jones both rose 0.8 per cent. London's FTSE 250 Index fell 0.7 per cent, Germany's DAX dropped 0.6 per cent and the STOXX Europe 600 shed 0.5 per cent. New Zealand's NZX 50 Index sank before almost recovering its losses on Monday while Japan's Nikkei 225 has slumped 0.3 per cent.
