Netanyahu praises Trump at White House dinner; Gaza ceasefire in focus
'I want to express the
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National Business Review
2 hours ago
- National Business Review
Trump proposes 50% copper tariff, threatens 200% drug levy
Happy Wednesday and welcome to your morning wrap of the key business and political headlines. We begin in the United States, where President Donald Trump said he would impose a 50% tariff on copper imports, CNBC reported. The announcement at a cabinet meeting caused copper prices to jump to a record high. The US imports nearly half of the copper it uses. Trump ordered a probe in February into potential tariffs on copper on national security grounds. Meanwhile, Trump also threatened to impose a 200% tariff on pharmaceutical imports. He said the levy on pharmaceuticals would be introduced 'very soon' but would not go into effect immediately. 'We'll give them a certain period of time to get their act together,' Trump said, apparently referring to drugmakers. Pharmaceutical stocks appeared to shrug off the statement, as their prices remained relatively unchanged. The comments come as Trump wants to incentivise drug companies to move manufacturing to the US. Staying in the United States, Trump has lashed out at his Russian counterpart and has resumed sending weapons to Ukraine, ABC reported. During the same cabinet meeting, the President said he was 'very unhappy' that Vladimir Putin had made no progress on peace talks with Ukraine since the pair had a phone call last week. 'We get a lot of bulls**t thrown at us by Putin, if you want to know the truth," Trump told reporters. "He's very nice all the time, but it turns out to be meaningless." Trump hinted that he was considering further sanctions on Russia and confirmed the US would resume weapons shipments to Ukraine. Donald Trump. To the Middle East, where five Israeli soldiers were killed in an attack in northern Gaza, and 51 Palestinians were killed by Israeli strikes, the Associated Press reported. The soldiers were killed by an explosive device detonated in Beit Hanoun, according to an Israeli security official. Militants also opened fire on the soldiers, injuring 14 in the attack. Hamas officials at Nasser Hospital said 41 Palestinians were killed on Tuesday, and another 10 were killed in central Gaza. The rising death toll comes as Israeli Prime Minister Benjamin Netanyahu visits the US for talks about a ceasefire plan. A new round of indirect peace talks between Israel and Hamas began on Sunday. A Hamas supporter. In market news, it was a mixed day on Wall Street, as anxiety over Trump's tariff comments overshadowed earlier hopes for clarity on US trade policy, Reuters reported. The S&P 500 was flat, the Dow Jones Industrial Average fell 0.26%, and the tech-heavy Nasdaq rose 0.21%. Wall Street equities sold off on Monday after Trump warned of new tariffs on goods from key trading partners but steadied overnight. There was no rebound, however, as investors remained concerned about the President's new sector-specific tariff threats. "There's still a lot of uncertainty about how the tariff story is going to play out. There are too many moving parts here," Paleo Leo managing director John Praveen said. Finally this morning, former UK Prime Minister Rishi Sunak has joined investment bank Goldman Sachs as an adviser. The BBC reported that he would work part-time, advising the bank's clients on global politics and the economy. Sunak resigned as Prime Minister in July 2024 but remains the Conservative MP for Richmond and Northallerton in Yorkshire. He previously worked for the bank in the early 2000s. A condition of his employment prevents him from advising other governments or their sovereign wealth funds for the bank, or advising clients he had direct dealings with while Prime Minister. His salary will be donated to The Richmond Project, a charity he founded alongside his wife to improve numeracy across the UK.
RNZ News
2 hours ago
- RNZ News
Trump doubles down on tariff deadline
world politics 32 minutes ago US President Donald Trump has doubled down on his new tariff deadline of August 1st, posting on social media that "there will be no change" to the date, and "no extensions will be granted". Wedbush Securities analyst Dan Ives spoke to Ingrid Hipkiss.
RNZ News
2 hours ago
- RNZ News
Could US President Donald Trump win the Nobel Peace Prize?
Israeli Prime Minister Benjamin Netanyahu, right, hands a letter he sent to the Nobel Peace Prize committee to nominate US President Donald Trump for the prize. Trump was hosting Netanyahu at White House on 7 July 2025 to discuss a potential ceasefire agreement to end the fighting in Gaza. Photo: Getty Images North America via AFP / Andrew Harnik The Nobel Peace Prize is one of the most prestigious honours that can be awarded to individuals and organisations internationally. Israeli Prime Minister Benjamin Netanyahu has nominated US President Donald Trump for the prize. If Trump wins , he will be the fifth US president on the list after Theodore Roosevelt, Woodrow Wilson, Jimmy Carter, and Barack Obama. Here is a look at how the award works: According to the will of Swedish industrialist Alfred Nobel, the inventor of dynamite, the prize should go to the person "who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses." In an introduction on the Nobel website, Chair of the Peace Prize Committee Jorgen Watne Frydnes says "in practice anyone can be the recipient of the Nobel Peace Prize. The history of the prize shows clearly it's given to people from all layers of society from all over the world." Thousands of people can propose names: members of governments and parliaments; current heads of state; university professors of history, social sciences, law, and philosophy; and former Nobel Peace Prize laureates, among others. You cannot nominate yourself. Nominee lists are kept secret for 50 years, though there is nothing to stop those who make nominations from disclosing their choices. The Norwegian Nobel Committee, which consists of five individuals appointed by the Norwegian parliament, is the arbiter. Members are often retired politicians, but not always. The current committee is led by the head of the Norwegian branch of PEN International, a group defending freedom of expression. They are all put forward by Norwegian political parties and their appointments reflect the balance of power in Norway's parliament. Nominations close on January 31, meaning Netanyahu's nomination of Trump would not be considered this year. Members of the committee can make their own nominations no later than the first meeting of the committee in February. They make a shortlist, and each nominee is then assessed by a group of permanent advisers and other experts. The committee aims for unanimity but can decide by majority vote. A final decision is often only made a few days before the prize is announced. The Nobel Peace Prize has often been seen as having a political message. The Nobel website says some recipients have been "highly controversial political actors," while the prize has also increased public focus on international or national conflicts. Obama won the award just a few months after taking office. Two members of the committee stepped down over the decision in 1973 to award the Peace Prize to U.S. Secretary of State Henry Kissinger and Vietnamese politician Le Duc Tho for negotiating an end to the Vietnam War. One member quit in 1994 when Palestinian leader Yasser Arafat shared the prize with Israel's Shimon Peres and Yitzhak Rabin. A medal, a diploma, 11 million Swedish crowns (NZ$1.9 million), and immediate global attention, if they are not already famous. The announcement of this year's prize will be made on October 10 at the Norwegian Nobel Institute in Oslo. The ceremony will take place at the Oslo City Hall on December 10, the anniversary of Alfred Nobel's death. - Reuters
