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AU Financial Review
40 minutes ago
- AU Financial Review
No escape for allies Japan, South Korea in Trump's tariff update
Tokyo | The US-Japan-South Korean alliance, long considered the bedrock of America's strategic presence in Asia, is under strain as President Donald Trump presses ahead with tariffs that will hit Tokyo and Seoul harder than expected. Both long-time security allies of the US were on a list of 12 to which Washington on Monday (Tuesday AEST) issued formal notices of final tariffs, although the White House left scope for further negotiation before a new deadline of August 1, pushed out from July 9.


Perth Now
an hour ago
- Perth Now
World shares steady, dollar firms on US tariff letters
Stock markets in Asia have taken in their stride the latest twist in US President Donald Trump's tariff roll-out, as the dollar held onto gains and oil retreated. Shares on Wall Street fell after Trump sent letters to 14 countries, including Japan and South Korea, unveiling sharply higher tariffs on imports into the United States, while also postponing their implementation to August 1. Japan's Nikkei stock gauge opened lower on Tuesday but then turned positive after Trump described that deadline as "firm, but not 100 per cent firm" and said tariffs may be adjusted for some countries. The Australian dollar rose ahead of a Reserve Bank of Australia decision later in the day. Market reaction to the tariff announcements was muted on memories of Trump's rapid walk-back of his "Liberation Day" duties initially set out on April 2, said Tapas Strickland, head of market economics at National Australia Bank. "There's going to be a lot of volatility as the headlines start to emerge, as more of these letters come out, and as the negotiations really come to the fore ahead of that August 1 deadline," Strickland said on an NAB podcast. In April, Trump capped all of the so-called reciprocal tariffs with trading partners at 10 per cent until July 9 to allow for negotiations. Only two agreements, with Britain and Vietnam, have been reached. In June, Washington and Beijing agreed on a framework covering tariff rates, restoring a fragile truce in their trade war. Tariffs on Japan and South Korea are now due to go up to 25 per cent on August 1. Japanese Prime Minister Shigeru Ishiba called the hike deeply regrettable and said his nation would continue negotiations with the US. The European Union will not be receiving a letter setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday. The EU still aims to reach a trade deal by Wednesday after European Commission President Ursula von der Leyen and Trump had a "good exchange", a commission spokesperson said. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent in early trade. Japan's Nikkei stock index rose 0.4 per cent while South Korea's KOSPI jumped 1.5 per cent. The dollar rose 0.2 per cent to 146.36 yen, touching a two-week high. The euro was flat at $US1.1741. The Aussie advanced 0.4 per cent to $US0.6516 before a meeting by the central bank where policymakers are widely expected to deliver a 25-basis-point cut. US crude dipped 0.5 per cent to $US67.59 a barrel after surging nearly two per cent on Monday. Spot gold edged 0.2 per cent lower. In early trade, pan-region Euro Stoxx 50 futures were down 0.1 per cent, German DAX futures were down 0.1 per cent at 24,133, and FTSE futures slid 0.3 per cent.

Sky News AU
an hour ago
- Sky News AU
Unhinged protesters descend on the White House as Netanyahu nominates Trump for Nobel Peace Prize
Unhinged Pro-Palestine protesters have wreaked havoc on the White House, protesting out the front and down the streets of Washington DC whilst Benjamin Netanyahu presented Donald Trump with a Nobel Peace Prize nomination inside.