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News.com.au
an hour ago
- News.com.au
Trump administration sets new tariff deadline
The Trump administration has extended a freeze on sweeping US tariffs, pushing the July 9 deadline back to August 1. 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.
AU Financial Review
an hour ago
- AU Financial Review
Death toll in central Texas flash floods rises, 41 still missing
China is looking to capitalise on Australia's fraying ties with the United States by enlisting Anthony Albanese in its tech and trade war with Donald Trump via an expansion of an existing free trade agreement to include artificial intelligence and the digital economy. As the prime minister prepares to travel to China later this week, Beijing's top local diplomat, ambassador Xiao Qian, has also seized on the Albanese government's domestic political pledge to boost productivity, championing deepening economic ties between the two nations as a way to end the growth slump. While Labor has successfully pursued a policy of 'stabilisation' after acrimony between 2020 and 2022, when the communist regime imposed trade sanctions on $20 billion of Australian exports and froze high-level dialogue, Xiao has signalled Beijing's impatience with the steady approach. 'Over the past three years, through the joint efforts of both sides, China-Australia relations have stabilised and improved, achieving a comprehensive turnaround,' Xiao writes in an opinion piece for The Australian Financial Review.
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
Brisbane news live: Woman loses arm in lion attack at Queensland zoo; Munster to play Origin after his father's death; Police probe multiple deaths in homes in two states
7.08am Four women could face life sentences over 'spicy' airport drug plot Four women, including two teens, could face life in jail after being accused of trying to smuggle 30 kilograms of cocaine wrapped vinegar and chilli-soaked towels into Australia. Australian Federal Police said two 18-year-olds flew from Hong Kong to Brisbane on Thursday and were stopped by Australian Border Force officers at the airport. Officers allegedly found 30 bricks of 'spicy drugs' wrapped in the towels in four suitcases. It allegedly contained cocaine. The teens were charged with one count each of importing a commercial quantity of a border-controlled substance. Two more women, aged 23 and 21, who police say had given instructions on obtaining passports, airline tickets and accommodation, were also arrested and charged with one count each of attempting to possess a commercial quantity of a border-controlled drug. 7.03am Why does it Mondays rain on me? Those who rose before dawn this morning would have seen the rain, but the weather bureau assures us that the rain band has moved offshore. The sun will come out shortly, with the bureau predicting a relatively warm day ahead with a top of 23 degrees. The bureau says Brisbane is due for a cold morning tomorrow, with temperatures in the single digits, so if you packed the doonas away over the weekend, best haul them back out. 7.03am While you were sleeping Here's what's making news further afield this morning: After being ignored, sidelined and marginalised, brave women in Australia's armed forces are speaking up about Defence's failures to act on sexual violence against its own people. Opposition Leader Sussan Ley has questioned the wisdom of Prime Minister Anthony Albanese's decision to emphasise Australia's foreign policy independence while the Trump administration reviews the future of the AUKUS defence pact. Oscar Piastri has been left fuming after a 10-second penalty cost him victory in the British Grand Prix. At least 70 people have been confirmed killed, including 21 children, with authorities warning that the death toll will rise from the devastating floods in central Texas. Eleven girls and a counsellor from the Camp Mystic summer camp are missing.
