Government ‘won't give up' on US tariff reprieve after Trump celebrates end of beef ban
The Trump administration hailed the deal, announced on Thursday, as a win even as analysts said the step was unlikely to significantly boost US shipments because beef prices are much lower in Australia.
'The other Countries that refuse our magnificent Beef are ON NOTICE,' Trump said in a post on Truth Social on Thursday. 'All of our Nation's Ranchers, who are some of the hardest working and most wonderful people, are smiling today, which means I am smiling too. Let's keep the Hot Streak going. IT'S THE GOLDEN AGE OF AMERICA!'
Since returning to the White House in January, Trump has attempted to renegotiate trade deals with multiple countries that he asserts have taken advantage of the United States over the years. Many economists have disputed Trump's characterisation.
Farrell said the beef decision was science-based and unconnected to trade negotiations. 'We haven't done this in order to entice the Americans into a trade agreement,' he said in an appearance at the Lowy Institute think tank on Friday.
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'We think they should do that anyway. We think the Americans should honour the terms of our free trade agreement.'
Asked if it was fanciful to expect Australia could be given an exemption to Trump's baseline 10 per cent tariff when no other country has achieved this, Farrell said: 'I think eventually the Americans will come to the realisation that tariffs are an act of self harm that are actually pushing up inflation, pushing up unemployment and reduced their retirement benefits and economic growth. So I don't think we should give up on the ambition to get those tariffs removed.'
Farrell said that because of the shift away from free trade under Trump 'what we risk seeing is a shift from a system based on shared prosperity and interdependence to one based solely on power and size'.
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Daily Telegraph
5 minutes ago
- Daily Telegraph
Stefanovic slams US beef deal, senator David Pocock backs call for inquiry
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. A trade deal to accept US beef into Australia has been labelled a dog's breakfast by Karl Stefanovic after the Trade Minister's apparent gaffe claiming Donald Trump personally lobbied for the deal. Trade Minister Don Farrell on Sunday said the US President raised the issue directly with Anthony Albanese in one of the three phone conversations the leaders shared. The Prime Minister said that was incorrect, and on Tuesday Stefanovic put criticism of the beef deal to Labor frontbencher Amanda Rishworth. Senator Don Farrell admitted to making a mistake when he said Donald Trump had raised the issue of beef with Anthony Albanese. Picture: Jason Edwards / NewsWire 'I think he has clarified his comments,' Ms Rishworth said of Senator Farrell. 'We've discussed it on this show, that Donald Trump made public his issues around beef imports and exports. That was not a secret. 'I think this is making a mountain out of a molehill. Quite frankly, just silly politics on the side. 'What's important here is putting forward our best foot forward, for the national interest, to be prosecuting our case with the US, and that's what our government will keep doing.' Stefanovic suggested the US beef deal had become a shambles and asked senator David Pocock what needed to happen. Amanda Rishworth defended her colleague, Trade Minister Don Farrell. Picture: NewsWire / Martin Ollman 'David, do you think there should be an inquiry? I mean, it's starting to look more and more like a dog's breakfast,' Stefanovic said. 'I think there's real questions to answer around the timing of this,' the senator replied. 'And on the bigger issue, who's going to buy American beef? We have some of the best beef in the world here in Australia. I certainly won't be buying US beef. 'I think a lot of Australians will see it on the shelf, if it even gets here, and say 'well, I'm going to support Australia'.' A trade deal to accept US beef into Australia has been labelled a dog's breakfast by Karl Stefanovic after the Trade Minister'sapparent gaffe claiming Donald Trump personally lobbied for the deal. Picture: Nine The Coalition has already called for an inquiry into the beef deal, arguing the government has put biosecurity at risk as a bargaining chip for a US tariff exemption. The Coalition wants a Senate inquiry into the government backflip, citing the timing of the decision amid stalled tariff negotiations. Labor has rejected claims of the link to ongoing tariff discussions, saying the decision follows a lengthy review undertaken by the Department of Agriculture, Fisheries and Forestry, which found new tracing protocols eliminated risks posed by beef sourced from Canada and Mexico but slaughtered in the US. Agriculture Minister Julie Collins says Australia's biosecurity has not been compromised. Picture: NewsWire / Martin Ollman However, Nationals Leader David Littleproud said an inquiry was required to give 'assurance' that 'Labor isn't sacrificing our high biosecurity standards'. As of Monday, July 28, Australian businesses were able to apply for import licences to get US fresh beef and beef products. Mr Littleproud has accused Agriculture Minister Julie Collins of ignoring advice regarding oversight by independent scientific experts. 'Minister Collins needs to explain why the advice of the Inspector-General of Biosecurity wasn't considered and why it has fallen on deaf ears when it comes to such an important decision,' Mr Littleproud said in a statement released Tuesday morning. 'Is Labor willing to undermine Australia's high biosecurity, just so Prime Minister Anthony Albanese can obtain a meeting with US President Donald Trump?' In question time on Monday, Mr Littleproud asked Ms Collins if the Inspector-General's recommendations had been implemented. Risk-based assessments were done by department staff on a scientific basis, she said. 'We have not compromised on biosecurity at all in any way, shape or form, and the member opposite would know, of course, we've had to put around $2bn additional into biosecurity since we came to office because of the way they left our biosecurity system,' Ms Collins said. 'The other thing I would say to the member opposite is he would be aware that this decision has been coming for some time. 'The US and Australia traceability systems are equivalent and that the decision has been taken, based on science, around the US system and the Australian traceability system, and all food imported into Australia must be safe and compliant with our food standards. 'This has been done on a scientific basis.' Originally published as 'Dog's breakfast': Karl Stefanovic slams US beef deal, David Pocock backs inquiry calls
7NEWS
8 minutes ago
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Banks forced to take action on high-fee accounts
Australian banks will refund more than $93 million to low-income customers who were charged high fees on their accounts. More than a million people have already been moved to low-fee accounts, saving an expected $50 million in annual fees, according the the Australian Securities and Investments Commission's (ASIC) Better and Beyond report released on Tuesday. The review follows the Better Banking for Indigenous Consumers report, released in July 2024, which revealed at least two million low-income Australians, who relied on Centrelink payments, had bank accounts charging high fees. There were 21 banks included in the latest report, which found even larger numbers of low-income Australians paying too much. 'What started as an initiative focused on addressing avoidable bank fees for low-income customers in regional and remote locations, particularly First Nations consumers, revealed a much wider problem affecting customers nationwide,' commissioner Alan Kirkland said. Since July 2024, the four banks involved in the initial report- ANZ, Bendigo Bank, Westpac and the Commonwealth Bank (including Bankwest) have paid more than $33 million in refunds to the customers identified. Three-of-those-four banks have committed to refunds to a broader group of low-income customers who have been in high-fee accounts. The Commonwealth Bank and Bankwest have indicated they don't intend making payments to customers outside the initial cohort, ASIC's report said. Several other banks have also reviewed the impact of high-fee accounts on low-income customers and have committed to remediation. A further $60 million will be refunded to more than 770,000 customers as a result. ASIC chairman Joe Longo said while banks had made improvements during the commission's surveillance, there was still work to be done. 'It should not take an ASIC review to force $93 million in refunds or make banks assess their processes to ensure the trust and expectations placed in them are justified,' he said. 'Banks need to truly hear the messages in this report - read it, review it, and ask themselves some difficult questions about what led to this situation.' Nine banks had made it easier to access low-fee accounts, while another seven had improved processes for moving customers to those types of accounts. Six more banks were now collecting data to identify First Nations customers, following a recommendations from the commission's initial review. 'Our intervention has forced many banks to take action, but more needs to be done to ensure financially vulnerable consumers are not put in this position again,' Mr Kirkland said. 'We encourage consumers to challenge their banks to ensure that they are in the best account for their needs. 'More importantly, we encourage banks to do more to proactively identify low- income customers and move them to low-fee accounts.'
7NEWS
16 minutes ago
- 7NEWS
US President Donald Trump flags 20 per cent tariff ‘for the world', warns Australia of tougher trade barriers
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