Trump delivers on ‘America first' promise as US economy flourishes
'All of the critics … they said he's going to destroy the economy. Nothing like that has happened,' Mr Hammer told Sky News host Rita Panahi.
'The inflation rate has barely budged … meanwhile, massive revenue is coming into the US treasury, and most importantly, he is fulfilling his 'America First' campaign promise.
'It's all working according to plan, and frankly, the people who were saying he would tank the economy … I think it's probably not too soon to say that the President probably deserves an apology from some of these folks.'
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Perth Now
7 minutes ago
- Perth Now
Asian shares slip as investors remember drag of tariffs
Asian shares have eased while the euro nursed its losses as investors pondered the downside of the US-EU trade deal and the reality that punishing tariffs were here to stay, with unwelcome implications for growth and inflation. The initial relief over Europe's 15 per cent levy quickly soured when set against the one per cent to two per cent that stood before President Donald Trump took office. Trump flagged a "world tariff" rate of 15 per cent to 20 per cent on all trading partners that were not negotiating a deal, among the highest rates since the Great Depression of the 1930s. "While the worst case scenario was averted, the implied EU tariff increase from one per cent in January is a significant tax increase on EU exports," wrote economists from JPMorgan in a note. "This is a very big shock that unwinds a century of US leadership in global free trade," they warned. "While we no longer see a US recession as our baseline from this shock, the risk is still elevated at 40 per cent." A further risk to world growth came from a sudden spike in oil prices after Trump threatened a new deadline of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face tougher sanctions on oil exports. Brent edged up 0.1 per cent to $US70.10 a barrel, having climbed 2.3 per cent on Monday, while US crude held at $US66.73. The air of caution saw MSCI's broadest index of Asia-Pacific shares outside Japan slip 0.7 per cent. Japan's Nikkei index eased 0.8 per cent, while Chinese blue chips fell 0.1 per cent. European shares steadied after Monday's sell-off. EUROSTOXX 50 futures edged up 0.2 per cent, while FTSE futures and DAX futures both added 0.1 per cent. The euro was flat at $US1.1592, after falling 1.3 per cent overnight in the largest drop since mid-May. It now has chart support at $US1.1556. The US dollar index was up at 98.674, after the rush out of short dollar positions lifted it one per cent overnight, while it touched a one-week high on the yen at 148.63. Wall Street held firm on hopes for upbeat results from mega caps this week that include Apple, Microsoft and Amazon. S&P 500 futures nudged up 0.1 per cent, while Nasdaq futures added 0.2 per cent. Yields on 10-year Treasuries held at 4.408 per cent having crept higher on Monday as markets braced for another steady decision on interest rates from the Federal Reserve. Futures imply a 97 per cent chance the Fed will keep rates at 4.25 per cent-4.5 per cent at its meeting on Wednesday and reiterate concerns that tariffs will push inflation higher in the short term. Analysts also assume one, or maybe two, Fed officials will dissent in favour of a cut and supporting wagers for a move in September. The odds could change depending on a slew of US data this week including gross domestic product for the second quarter where growth is seen rebounding to an annualised 2.4 per cent, after a 0.5 per cent contraction in the first quarter. Figures on job openings are due later on Tuesday that will help refine forecasts for the crucial payrolls report on Friday. Canada's central bank also meets on Wednesday and again is widely expected to hold rates at 2.75 per cent as it waits to see how trade talks with the US wash out. In commodity markets, prices for copper and iron ore were under pressure while gold idled at $US3,316 an ounce.
SBS Australia
9 minutes ago
- SBS Australia
Ceasefire comes into effect between Thailand and Cambodia
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Sky News AU
33 minutes ago
- Sky News AU
'Unfiltered rant': King Charles III 'very concerned' about US President Donald Trump stoking migration fears during his upcoming state visit
King Charles III is said to be "very concerned" about US President Donald Trump's upcoming state visit, with palace insiders revealing the monarch fears the President could use the royal platform to push a political agenda. Earlier this month, the 76-year-old monarch surprised many by inviting the 79-year-old president back to the UK for what's being touted as a historic second state visit, a gesture not yet extended to any other world leader. But now, according to palace sources who spoke to The Daily Beast, the King may be questioning the decision. King Charles III is said to be growing "very concerned" about US President Donald Trump's upcoming state visit, with palace insiders revealing the monarch fears the President could use the royal platform to push a political agenda. Picture: Aaron Chown -A civil servant also told the publication on Monday that His Majesty fears Trump "could upend protocol and make politicised comments when delivering a traditional speech at his state banquet." The outlet added Charles "will be very concerned about the possibility of a repeat of Trump's outburst [when he visits in] in September." Concerns have reportedly been growing since Trump's recent comments about Canada, a Commonwealth realm where Charles is the head of state, referring to it as "the 51st state". But they've intensified after a string of inflammatory comments made by the president during his current five-day visit to Scotland. "On immigration, you'd better get your act together. You're not going to have Europe anymore," Trump told reporters on Friday. "You've got to stop this horrible invasion that's happening to Europe. Some people, some leaders, have not let it happen. They're not getting the proper credit. "I could name them to you right now, but I'm not going to embarrass the other ones. But stop, this immigration is killing Europe." The remarks were made just days before Trump met with European Commission President Ursula von der Leyen, and British Prime Minister Sir Keir Starmer, with whom he offered "advice" on the ongoing small boat crisis. While he admitted he knows "nothing" about small boats, Trump told Starmer that most people on them are probably "bad people". U.S. President Donald Trump talks to the media as he meets with British Prime Minister Keir Starmer at Trump Turnberry golf club in Turnberry, Scotland, Monday, July 28, 2025. Picture: Christopher Furlong/Pool Photo via AP The friend of the king told the publication that Charles "will be appalled by what Trump said on Friday, which seems to be entirely driven by his domestic agenda". It's unlikely Trump will meet with King Charles during the informal trip, despite His Majesty also being in the country ahead of his annual summer vacation at Balmoral. According to The Telegraph, Buckingham Palace and the White House agreed it would be "preferable to delay meeting in person until Mr Trump's official state visit in September, when the King will host him in Windsor Castle." The delay was officially attributed to "diary challenges". When asked by the BBC what he hoped to do on his return to the UK, Trump simply said, "Have a good time and respect King Charles." The official state visit will take place from 17 to 19 September. It's understood the King, who is still receiving weekly cancer treatment, will split hosting duties with Queen Camilla.
