Australia's beef exports to the US surge despite Trump tariffs
Exports of chilled and frozen beef to the US jumped 23 per cent from a year earlier in June, according to Meat & Livestock Australia data released on Thursday (July 10). Shipments in the first six months were up almost a third from a year earlier.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
8 minutes ago
- Free Malaysia Today
Philips chops back US tariff bill
Shares in Philips jumped more than 10% during morning trading. (EPA Images pic) AMSTERDAM : Dutch medical equipment manufacturer Philips said today that the impact of US tariffs would be much less than it initially estimated, sending its share price surging. The company had originally estimated in April that US tariffs could cost it €250 million to €300 million this year after President Donald Trump unveiled a 20% tariff rate for goods from the EU. Brussels and Washington reached a deal over the weekend that will see goods from the EU face a baseline 15% levy when imported into the US. It said today it now expects between €150 million and €200 million impact from US tariffs this year. Chief executive Roy Jakobs said Philips updated 'the guidance because we have certainty now around what is happening between the EU and the US.' Shares in Philips jumped more than 10% during morning trading, while the Amsterdam market rose around 0.4% overall. The trade deal has come under widespread criticism in Europe as having been lopsided, saddling its manufacturers with a costly 15% rate with little in return from the US as certainty is a relative concept given Trump's propensity to change positions. Jakobs said that certainty 'is what we value in' in the deal, while acknowledging 'it's a painful additional cost we have to carry'. The company still targets a one to 3% increase in annual sales. Second quarter net profit fell by 47% to €240 million, but last year's performance was boosted by exceptional income from insurance payouts linked to long-running issues with its sleep apnoea machines. Sales slid by 2.8% to €4.3 billion, although they edged higher on a comparable basis that excludes currency changes. The company also noted orders rose by 6% on a comparable basis. The appreciation of the euro relative to the dollar and other currencies has been crimping the results of European companies as their revenues abroad result in fewer euros on the balance sheet. Long known for its light bulbs and television sets, the Dutch company has refocused its business towards medical equipment.
The Sun
8 minutes ago
- The Sun
Trump opens Scottish golf course amid trade deals and diplomacy
BALMEDIE: Donald Trump concluded his five-day Scotland trip by inaugurating a new golf course in Aberdeenshire on Tuesday, capping a visit marked by high-profile diplomacy and controversial remarks. The US president, an avid golfer, delegated the official opening to his son Eric while secret service agents and players navigated the coastal complex. The course boasts the world's largest natural bunker and eco-conscious design, though offshore wind turbines - which Trump previously opposed - remain visible from the greens. Environmental concerns took a backseat as the president hosted EU leader Ursula von der Leyen and UK Prime Minister Keir Starmer for separate meetings. With Von der Leyen, Trump announced a contentious trade deal imposing 15% US tariffs on EU goods, drawing criticism across Europe. His talks with Starmer covered Gaza aid, a 10-12 day ultimatum for Putin regarding Ukraine, and jabs at London Mayor Sadiq Khan. The president further stirred UK politics via Truth Social, urging tax cuts and accelerated North Sea oil drilling. Trump's visit blurred lines between leisure and statecraft, with golf rounds at Turnberry interspersed with unscripted press conferences. The Balmedie course opening completes a trip reinforcing his dual roles as statesman and businessman. - AFP
Free Malaysia Today
32 minutes ago
- Free Malaysia Today
Wall Street futures rise as focus shifts to major earnings, Fed meeting
Dow E-minis were up 73 points, or 0.16%. (AFP pic) NEW YORK : US stock index futures edged higher today as investors awaited earnings reports from a number of companies and the Federal Reserve's policy meeting that starts later in the day. At 5.19am, Dow E-minis were up 73 points, or 0.16%, S&P 500 E-minis were up 15.25 points, or 0.24%, and Nasdaq 100 E-minis were up 93.25 points, or 0.4%. The moves follow record closing highs for the S&P and the Nasdaq yesterday in volatile trading after the US struck a trade agreement with the EU, while the Dow remained just about 200 points short of an all-time high. The US-EU deal, announced on Sunday, halved EU import tariffs to 15% and bolstered expectations that more such agreements will follow ahead of President Donald Trump's looming Aug 1 deadline. Yesterday, Trump flagged a 'world tariff' of 15%-20% for countries that were not negotiating a deal. Expectations were high for a potential breakthrough in US-China negotiations after officials from both sides met in Stockholm yesterday to resolve longstanding economic disputes as the two economies look to extend a truce by three months. Today also marks a busy day for corporate earnings, with results expected from top companies such as United Health, Boeing, UPS and Procter & Gamble before the bell. Earnings from tech heavyweights Meta, Microsoft, Amazon and Apple are scheduled for later this week, which could test Wall Street's record run. The US central bank is set to begin its two-day policy meeting later in the day. While the Fed is expected to leave rates unchanged tomorrow, traders will closely analyse policymakers' remarks to gauge the timing of future moves. According to the CME FedWatch tool, markets are pricing in a 61.7% chance of a rate cut in September. The meetings come amid the White House's campaign on the central bank to lower borrowing costs, including Trump's persistent criticism of Fed chair Jerome Powell and occasional suggestions to remove him from his position. Meanwhile, investors will parse the US job openings and labor turnover survey (JOLTS) report for June, as well as the consumer confidence figure for July later in the day. Among earnings-related moves, Cadence Design jumped 6.6% in premarket trading after the chip design software provider raised its annual sales and profit forecast.
