Trump vows steep copper tariffs, broadens trade war
One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries.
He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU.
Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market.
US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods.
They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year.
Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1.
Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close.
Trump said countries have been clamouring to negotiate.
"It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said.
Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year.
The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years.
Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil.
Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks.
The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources.
Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday.
Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente.
"We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping.
Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AU Financial Review
21 minutes ago
- AU Financial Review
Israel, US recall Gaza negotiators, say Hamas not acting in good faith
Talks for a ceasefire in Gaza were dealt a new blow on Thursday (Friday AES) after the US and Israel withdrew their negotiating teams, with the Trump administration saying Hamas is not acting in good faith. A short time later, French President Emmanuel Macron announced that France will recognise Palestine as a state, amid rising global anger over people starving in Gaza. Macron said in a post on X that he will formalise the decision at the United Nations General Assembly in September.
The Advertiser
an hour ago
- The Advertiser
US cuts short Gaza ceasefire talks, bringing team home
The US is cutting short Gaza ceasefire talks and bringing home its negotiating team from Qatar, after the latest response from Hamas "shows a lack of desire to reach a ceasefire in Gaza," Donald Trump's envoy says. Special envoy Steve Witkoff flagged that the US will now consider alternative options to bring Israeli hostages home. "While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith," Witkoff said. He said it was "a shame that Hamas has acted in this selfish way" and that the US is "resolute" in seeking an end to the conflict in Gaza. A breakthrough in talks on a ceasefire deal between Israel and Hamas has eluded the Trump administration for months as conditions worsen in Gaza. The territory recently had its deadliest day yet for aid-seekers in over 21 months of war, with at least 85 Palestinians killed while trying to reach food on Sunday. Dozens of people have starved to death in recent weeks in Gaza. The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place. Earlier Thursday, Israeli Prime Minster Benjamin Netanyahu's office recalled his country's negotiating team back to Israel in light of Hamas' response. In a brief statement, the prime minister's office expressed its appreciation for the efforts of Witkoff and mediators Qatar and Egypt, but it gave no further details. The deal under discussion is expected to include a 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up and the two sides would hold negotiations on a lasting truce. The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the war until Hamas gives up power and disarms, a condition the militant group rejects. The State Department said earlier in the week that Witkoff would be travelling to the Middle East for talks, but US officials later said that Witkoff would instead travel to Europe. It was unclear if he was holding meetings there on Thursday. Trump earlier this month met Netanyahu at the White House, putting his weight behind a push to reach a breakthrough and a ceasefire agreement. But despite his newly strengthened partnership with Netanyahu following their countries' joint strikes on Iran, the Israeli leader left Washington without any announced breakthrough. The US is cutting short Gaza ceasefire talks and bringing home its negotiating team from Qatar, after the latest response from Hamas "shows a lack of desire to reach a ceasefire in Gaza," Donald Trump's envoy says. Special envoy Steve Witkoff flagged that the US will now consider alternative options to bring Israeli hostages home. "While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith," Witkoff said. He said it was "a shame that Hamas has acted in this selfish way" and that the US is "resolute" in seeking an end to the conflict in Gaza. A breakthrough in talks on a ceasefire deal between Israel and Hamas has eluded the Trump administration for months as conditions worsen in Gaza. The territory recently had its deadliest day yet for aid-seekers in over 21 months of war, with at least 85 Palestinians killed while trying to reach food on Sunday. Dozens of people have starved to death in recent weeks in Gaza. The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place. Earlier Thursday, Israeli Prime Minster Benjamin Netanyahu's office recalled his country's negotiating team back to Israel in light of Hamas' response. In a brief statement, the prime minister's office expressed its appreciation for the efforts of Witkoff and mediators Qatar and Egypt, but it gave no further details. The deal under discussion is expected to include a 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up and the two sides would hold negotiations on a lasting truce. The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the war until Hamas gives up power and disarms, a condition the militant group rejects. The State Department said earlier in the week that Witkoff would be travelling to the Middle East for talks, but US officials later said that Witkoff would instead travel to Europe. It was unclear if he was holding meetings there on Thursday. Trump earlier this month met Netanyahu at the White House, putting his weight behind a push to reach a breakthrough and a ceasefire agreement. But despite his newly strengthened partnership with Netanyahu following their countries' joint strikes on Iran, the Israeli leader left Washington without any announced breakthrough. The US is cutting short Gaza ceasefire talks and bringing home its negotiating team from Qatar, after the latest response from Hamas "shows a lack of desire to reach a ceasefire in Gaza," Donald Trump's envoy says. Special envoy Steve Witkoff flagged that the US will now consider alternative options to bring Israeli hostages home. "While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith," Witkoff said. He said it was "a shame that Hamas has acted in this selfish way" and that the US is "resolute" in seeking an end to the conflict in Gaza. A breakthrough in talks on a ceasefire deal between Israel and Hamas has eluded the Trump administration for months as conditions worsen in Gaza. The territory recently had its deadliest day yet for aid-seekers in over 21 months of war, with at least 85 Palestinians killed while trying to reach food on Sunday. Dozens of people have starved to death in recent weeks in Gaza. The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place. Earlier Thursday, Israeli Prime Minster Benjamin Netanyahu's office recalled his country's negotiating team back to Israel in light of Hamas' response. In a brief statement, the prime minister's office expressed its appreciation for the efforts of Witkoff and mediators Qatar and Egypt, but it gave no further details. The deal under discussion is expected to include a 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up and the two sides would hold negotiations on a lasting truce. The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the war until Hamas gives up power and disarms, a condition the militant group rejects. The State Department said earlier in the week that Witkoff would be travelling to the Middle East for talks, but US officials later said that Witkoff would instead travel to Europe. It was unclear if he was holding meetings there on Thursday. Trump earlier this month met Netanyahu at the White House, putting his weight behind a push to reach a breakthrough and a ceasefire agreement. But despite his newly strengthened partnership with Netanyahu following their countries' joint strikes on Iran, the Israeli leader left Washington without any announced breakthrough. The US is cutting short Gaza ceasefire talks and bringing home its negotiating team from Qatar, after the latest response from Hamas "shows a lack of desire to reach a ceasefire in Gaza," Donald Trump's envoy says. Special envoy Steve Witkoff flagged that the US will now consider alternative options to bring Israeli hostages home. "While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith," Witkoff said. He said it was "a shame that Hamas has acted in this selfish way" and that the US is "resolute" in seeking an end to the conflict in Gaza. A breakthrough in talks on a ceasefire deal between Israel and Hamas has eluded the Trump administration for months as conditions worsen in Gaza. The territory recently had its deadliest day yet for aid-seekers in over 21 months of war, with at least 85 Palestinians killed while trying to reach food on Sunday. Dozens of people have starved to death in recent weeks in Gaza. The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place. Earlier Thursday, Israeli Prime Minster Benjamin Netanyahu's office recalled his country's negotiating team back to Israel in light of Hamas' response. In a brief statement, the prime minister's office expressed its appreciation for the efforts of Witkoff and mediators Qatar and Egypt, but it gave no further details. The deal under discussion is expected to include a 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up and the two sides would hold negotiations on a lasting truce. The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the war until Hamas gives up power and disarms, a condition the militant group rejects. The State Department said earlier in the week that Witkoff would be travelling to the Middle East for talks, but US officials later said that Witkoff would instead travel to Europe. It was unclear if he was holding meetings there on Thursday. Trump earlier this month met Netanyahu at the White House, putting his weight behind a push to reach a breakthrough and a ceasefire agreement. But despite his newly strengthened partnership with Netanyahu following their countries' joint strikes on Iran, the Israeli leader left Washington without any announced breakthrough.
The Advertiser
an hour ago
- The Advertiser
Risk of higher US tariffs looms despite beef deal
Australia's move to lift restrictions on US beef is unlikely to shift the dial on tariff negotiations, as the nation's products face the possibility of even steeper duties. The Albanese government will allow access to US beef that has been raised in Canada or Mexico but processed in America, following a safety review. Australia is subject to a baseline 10 per cent tariff applied by the Trump administration and has been keeping an eye on the trade negotiations of other countries. AMP chief economist Shane Oliver said Donald Trump's flagged higher tariffs might include the nation's exports. "The risk for Australia is that we may be lucky to hang on to 10 per cent, which could actually turn out to be higher," he told AAP. "This (beef decision) might help us hang on to 10 per cent or avoid a worse outcome, but I don't think there's any guarantees of that." American beef was banned from Australia almost two decades ago following an outbreak of mad cow disease. Mr Trump has pressured the government to ease restrictions as Labor argues for an exemption from the tariffs as part of the US president's deepening trade war. Former ambassador to the US Arthur Sinodinos said while biosecurity investigations can take a while to finalise, it was a "sensible outcome". "The challenge here is it doesn't look like we're putting together a package deal," he said. "It'd be better if there was a package approach to this if we're seeking to gather an overall trade outcome with the US." Australian Farm Institute executive director Katie McRobert said the cattle industry has been "extremely nervous" about biosecurity traceability from different parts of the north and South America regions. "We wouldn't expect a significant impact on Australian producers from the potential to import American beef ... because we already produce far more beef in Australia than we can possibly eat," she said. Trade Minister Don Farrell said he didn't have any meetings scheduled with American counterparts after last meeting US trade representative Jamieson Greer on the sidelines of an OECD ministerial meeting in Paris in June. Senator Farrell said Mr Greer didn't raise beef concerns at that meeting. "We believe that America should lift those tariffs on Australia, there's no justification whatsoever for the United States to apply tariffs to Australia," he told reporters in Canberra on Thursday. "We have a free trade agreement, that agreement makes it very clear that it's a tariff free arrangement." Senator Farrell also denied the move was to create a bargaining chip. The Philippines and Japan recently struck agreements with the US to lower their tariff rates, but both are still above the 10 per cent baseline. Australia's move to lift restrictions on US beef is unlikely to shift the dial on tariff negotiations, as the nation's products face the possibility of even steeper duties. The Albanese government will allow access to US beef that has been raised in Canada or Mexico but processed in America, following a safety review. Australia is subject to a baseline 10 per cent tariff applied by the Trump administration and has been keeping an eye on the trade negotiations of other countries. AMP chief economist Shane Oliver said Donald Trump's flagged higher tariffs might include the nation's exports. "The risk for Australia is that we may be lucky to hang on to 10 per cent, which could actually turn out to be higher," he told AAP. "This (beef decision) might help us hang on to 10 per cent or avoid a worse outcome, but I don't think there's any guarantees of that." American beef was banned from Australia almost two decades ago following an outbreak of mad cow disease. Mr Trump has pressured the government to ease restrictions as Labor argues for an exemption from the tariffs as part of the US president's deepening trade war. Former ambassador to the US Arthur Sinodinos said while biosecurity investigations can take a while to finalise, it was a "sensible outcome". "The challenge here is it doesn't look like we're putting together a package deal," he said. "It'd be better if there was a package approach to this if we're seeking to gather an overall trade outcome with the US." Australian Farm Institute executive director Katie McRobert said the cattle industry has been "extremely nervous" about biosecurity traceability from different parts of the north and South America regions. "We wouldn't expect a significant impact on Australian producers from the potential to import American beef ... because we already produce far more beef in Australia than we can possibly eat," she said. Trade Minister Don Farrell said he didn't have any meetings scheduled with American counterparts after last meeting US trade representative Jamieson Greer on the sidelines of an OECD ministerial meeting in Paris in June. Senator Farrell said Mr Greer didn't raise beef concerns at that meeting. "We believe that America should lift those tariffs on Australia, there's no justification whatsoever for the United States to apply tariffs to Australia," he told reporters in Canberra on Thursday. "We have a free trade agreement, that agreement makes it very clear that it's a tariff free arrangement." Senator Farrell also denied the move was to create a bargaining chip. The Philippines and Japan recently struck agreements with the US to lower their tariff rates, but both are still above the 10 per cent baseline. Australia's move to lift restrictions on US beef is unlikely to shift the dial on tariff negotiations, as the nation's products face the possibility of even steeper duties. The Albanese government will allow access to US beef that has been raised in Canada or Mexico but processed in America, following a safety review. Australia is subject to a baseline 10 per cent tariff applied by the Trump administration and has been keeping an eye on the trade negotiations of other countries. AMP chief economist Shane Oliver said Donald Trump's flagged higher tariffs might include the nation's exports. "The risk for Australia is that we may be lucky to hang on to 10 per cent, which could actually turn out to be higher," he told AAP. "This (beef decision) might help us hang on to 10 per cent or avoid a worse outcome, but I don't think there's any guarantees of that." American beef was banned from Australia almost two decades ago following an outbreak of mad cow disease. Mr Trump has pressured the government to ease restrictions as Labor argues for an exemption from the tariffs as part of the US president's deepening trade war. Former ambassador to the US Arthur Sinodinos said while biosecurity investigations can take a while to finalise, it was a "sensible outcome". "The challenge here is it doesn't look like we're putting together a package deal," he said. "It'd be better if there was a package approach to this if we're seeking to gather an overall trade outcome with the US." Australian Farm Institute executive director Katie McRobert said the cattle industry has been "extremely nervous" about biosecurity traceability from different parts of the north and South America regions. "We wouldn't expect a significant impact on Australian producers from the potential to import American beef ... because we already produce far more beef in Australia than we can possibly eat," she said. Trade Minister Don Farrell said he didn't have any meetings scheduled with American counterparts after last meeting US trade representative Jamieson Greer on the sidelines of an OECD ministerial meeting in Paris in June. Senator Farrell said Mr Greer didn't raise beef concerns at that meeting. "We believe that America should lift those tariffs on Australia, there's no justification whatsoever for the United States to apply tariffs to Australia," he told reporters in Canberra on Thursday. "We have a free trade agreement, that agreement makes it very clear that it's a tariff free arrangement." Senator Farrell also denied the move was to create a bargaining chip. The Philippines and Japan recently struck agreements with the US to lower their tariff rates, but both are still above the 10 per cent baseline. Australia's move to lift restrictions on US beef is unlikely to shift the dial on tariff negotiations, as the nation's products face the possibility of even steeper duties. The Albanese government will allow access to US beef that has been raised in Canada or Mexico but processed in America, following a safety review. Australia is subject to a baseline 10 per cent tariff applied by the Trump administration and has been keeping an eye on the trade negotiations of other countries. AMP chief economist Shane Oliver said Donald Trump's flagged higher tariffs might include the nation's exports. "The risk for Australia is that we may be lucky to hang on to 10 per cent, which could actually turn out to be higher," he told AAP. "This (beef decision) might help us hang on to 10 per cent or avoid a worse outcome, but I don't think there's any guarantees of that." American beef was banned from Australia almost two decades ago following an outbreak of mad cow disease. Mr Trump has pressured the government to ease restrictions as Labor argues for an exemption from the tariffs as part of the US president's deepening trade war. Former ambassador to the US Arthur Sinodinos said while biosecurity investigations can take a while to finalise, it was a "sensible outcome". "The challenge here is it doesn't look like we're putting together a package deal," he said. "It'd be better if there was a package approach to this if we're seeking to gather an overall trade outcome with the US." Australian Farm Institute executive director Katie McRobert said the cattle industry has been "extremely nervous" about biosecurity traceability from different parts of the north and South America regions. "We wouldn't expect a significant impact on Australian producers from the potential to import American beef ... because we already produce far more beef in Australia than we can possibly eat," she said. Trade Minister Don Farrell said he didn't have any meetings scheduled with American counterparts after last meeting US trade representative Jamieson Greer on the sidelines of an OECD ministerial meeting in Paris in June. Senator Farrell said Mr Greer didn't raise beef concerns at that meeting. "We believe that America should lift those tariffs on Australia, there's no justification whatsoever for the United States to apply tariffs to Australia," he told reporters in Canberra on Thursday. "We have a free trade agreement, that agreement makes it very clear that it's a tariff free arrangement." Senator Farrell also denied the move was to create a bargaining chip. The Philippines and Japan recently struck agreements with the US to lower their tariff rates, but both are still above the 10 per cent baseline.
