Rinehart: Liberals were too scared of going full Trump
Australia's richest person released a lengthy statement on Monday that traversed Argentinian politics, Australian industrial relations and her choice to wear Trump-branded attire while walking the rubbish-strewn streets of New York.
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Perth Now
3 hours ago
- Perth Now
Trump, EU's von der Leyen to meet to clinch trade deal
European Commission President Ursula von der Leyen is set to meet US President Donald Trump to clinch a trade deal for Europe that would likely see a 15 per cent baseline tariff on most EU goods, but end months of uncertainty for EU companies. Before the meeting, expected at 1530 GMT Sunday (0130 AEST Monday) on Trump's golf course in Turnberry, western Scotland, US and EU teams were in final talks on tariffs for crucial sectors like cars, steel, aluminium or pharmaceuticals. US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick flew to Scotland on Saturday and EU Trade Commissioner Maros Sefcovic arrived on Sunday morning. Lutnick told "Fox News Sunday" that the EU needed to open its markets for more US exports to convince Trump to reduce a threatened 30 per cent tariff rate that is due to kick in on August 1. "The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 per cent tariffs that he set," Lutnick said, adding that the EU clearly wanted - and needed - to reach an agreement. A separate U.S. administration official was upbeat that a deal was possible. "We're cautiously optimistic that there will be a deal reached," the official said, speaking on condition of anonymity. "But it's not over till it's over." Ambassadors of EU governments, on a weekend trip to Greenland organised by the Danish presidency of the EU, held a teleconference with EU Commission officials on Sunday to agree on the amount of leeway von der Leyen would have in the talks. In case there is no deal and the U.S. imposes 30 per cent tariffs from August 1, the EU has prepared counter-tariffs on 93 bn euros ($A164 bn) of US goods. EU diplomats have said a deal would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the U.S.-Japan trade deal, along with a 50 per cent tariff on European steel and aluminium for which there could be export quotas. The EU deal would be a huge prize, given that the US and EU are each other's largest trading partners by far and account for a third of global trade. EU officials are hopeful that a 15 per cent baseline tariff would also apply to cars, replacing the current 27.5 per cent auto tariff. Some expect the 27-nation bloc may be able to secure exemptions from the 15 per cent baseline tariff for its aerospace industry and for spirits, though probably not for wine. The EU could also pledge to buy more liquefied natural gas from the US, a long-standing offer, and boost investment in the United States. The US president, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that von der Leyen was a highly respected leader and he was looking forward to meeting with her.
West Australian
3 hours ago
- West Australian
Trump, EU's von der Leyen to meet to clinch trade deal
European Commission President Ursula von der Leyen is set to meet US President Donald Trump to clinch a trade deal for Europe that would likely see a 15 per cent baseline tariff on most EU goods, but end months of uncertainty for EU companies. Before the meeting, expected at 1530 GMT Sunday (0130 AEST Monday) on Trump's golf course in Turnberry, western Scotland, US and EU teams were in final talks on tariffs for crucial sectors like cars, steel, aluminium or pharmaceuticals. US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick flew to Scotland on Saturday and EU Trade Commissioner Maros Sefcovic arrived on Sunday morning. Lutnick told "Fox News Sunday" that the EU needed to open its markets for more US exports to convince Trump to reduce a threatened 30 per cent tariff rate that is due to kick in on August 1. "The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 per cent tariffs that he set," Lutnick said, adding that the EU clearly wanted - and needed - to reach an agreement. A separate U.S. administration official was upbeat that a deal was possible. "We're cautiously optimistic that there will be a deal reached," the official said, speaking on condition of anonymity. "But it's not over till it's over." Ambassadors of EU governments, on a weekend trip to Greenland organised by the Danish presidency of the EU, held a teleconference with EU Commission officials on Sunday to agree on the amount of leeway von der Leyen would have in the talks. In case there is no deal and the U.S. imposes 30 per cent tariffs from August 1, the EU has prepared counter-tariffs on 93 bn euros ($A164 bn) of US goods. EU diplomats have said a deal would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the U.S.-Japan trade deal, along with a 50 per cent tariff on European steel and aluminium for which there could be export quotas. The EU deal would be a huge prize, given that the US and EU are each other's largest trading partners by far and account for a third of global trade. EU officials are hopeful that a 15 per cent baseline tariff would also apply to cars, replacing the current 27.5 per cent auto tariff. Some expect the 27-nation bloc may be able to secure exemptions from the 15 per cent baseline tariff for its aerospace industry and for spirits, though probably not for wine. The EU could also pledge to buy more liquefied natural gas from the US, a long-standing offer, and boost investment in the United States. The US president, in Scotland for a few days of golfing and bilateral meetings, told reporters upon his arrival on Friday evening that von der Leyen was a highly respected leader and he was looking forward to meeting with her.
West Australian
5 hours ago
- West Australian
Private R&D investment by Australian businesses falling, report finds ahead of roundtable
Private investment into research and development in Australian businesses is slipping backwards and comparatively lower to similar other nations, a new report shows. The report — collated by the Business Council of Australia ahead of Treasurer Jim Chalmer's productivity roundtable next month — identified a raft of targeted policies to boost business potential. It proposes offering extra incentives for collaboration and commercialisation, cutting red tape, and consolidating grants into major national programs. The report estimates that for every $1 spent on R&D, it generates $5 in economic value and $7 billion in gross domestic product (GDP) annually. If the suite of measures are implemented, it's expected to grow productivity in Australia 0.1 per cent each year. It also recommends a simpler R&D Tax Incentive by standardising tax offsets of 18.5 per cent above the company rate and removing its current $150 million cap. It's hoped having a single, consistent rule rather than the current different benefit rates depending on company size or how much they spend, would encourage firms to invest in R&D, especially smaller players. As for scrapping the cap, the policy is designed to allow businesses to claim tax offsets for all of their eligible R&D spend rather than just the first $150 million under the current framework. BCA chief executive Bran Black said the targeted policies were designed to fix Australia's productivity problems by unlocking investment, boosting jobs and wages. He said reversing the current trend, which has seen R&D investment drop 24 per cent in the last decade, would help drive innovation and productivity nationally. He said it was important businesses were given the 'right environment' to invest: 'If we don't act now then we will keep losing innovators, capital and ideas to other nations'. 'Better tax, collaboration and commercialisation policies will give businesses the confidence to take the next step and create new Australian technologies that benefit everyone's lives,' he said. The report will form part of a joint industry submission with well-known Australian software firm Atlassian and medical device company Cochlear. Cochlear chief executive and president Dig Howitt said policy reform and 'well-funded strategies' would be critical to unlocking more R&D in Australia. Atlassian chief of staff Amy Glancey said by supporting major companies to invest in R&D it would have a trickle down effect to create a better environment for entrepreneurship and innovation. Dr Chalmer's roundtable will be held at Parliament House August 19–21 and is expected to shape a shared agenda on improving productivity, strengthening budget sustainability, and building economic resilience. It has prompted a number of state-level consultations and spin-off roundtables, including one held on Friday by Independent MP Allegra Spender involving economists and industry figures in Canberra. The BCA, along with other industry bodies, companies, and government representatives, are finalising submissions ahead of the August roundtable, outlining ideas across tax, regulation, innovation, skills, and digital transformation to help lift Australia's productivity.
