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AU Financial Review
07-07-2025
- Business
- AU Financial Review
ASX to fall, Wall St tumbles on renewed Trump trade wars
Australian shares are poised to open lower after US President Donald Trump threatened 25 per cent tariff rates on both Japan and South Korea as of August 1, leading US equities lower. The Dow Jones Industrial Average tumbled near 650 points near 2.30pm in New York. The president sent each nation a letter detailing his plans; he's expected to send about 12 letters on Monday (Tuesday AEST). At a White House briefing, his spokeswoman said the deadline for trade deals will formally later on Monday be pushed to August 1 from July 9. The tariff rates for Japan and South Korea are in line with what Trump initially proposed. In a Truth Social post, he warned each nation not to retaliate. Market highlights ASX futures are pointing down 32 points or 0.4 per cent to 8541. All US prices as of 2.30pm New York time. Today's agenda The RBA meets on Tuesday and it's widely expected that policymakers will vote for a 25 basis point cut. Top stories Billions for Made in Australia program 'may look protectionist' | The Productivity Commission has warned the government that its subsidies for domestic industry could be considered protectionism and suggested slashing tariffs on 300 imported goods. Trump to levy 25pc tariffs on Japan, South Korea in August | The US president warned the nations against retaliation in his letters to them, saying any actions would be met with a response from the US. Why the RBA's rate cuts won't fuel essential investment | Lower interests rate will not be enough to rev the engines of Australia's economy. The reform roundtable cannot come quickly enough, writes Paul Brennan. | New research suggests a 40 per cent fall in analysts dialling in. In Australia, veterans say it's down to fewer, more junior, sell-side researchers.
Perth Now
23-04-2025
- Business
- Perth Now
Albo's $1.2bn pledge amid tariff threat
The Albanese government will invest $1.2bn into Australia's critical minerals supply, which will likely play a major role in negotiating a tariff carveout from the Trump administration. This comes as Australian steel and aluminium imports have been hit with a 25 per cent levy, with other imports slapped with a 10 per cent tariff. Anthony Albanese will on Thursday announce plans to create a Critical Minerals Strategic Reserve to secure quantities of the select minerals that will be made available for domestic projects and select international partners. Anthony Albanese will make the pledge on Thursday. Mark Stewart / NewsWire Credit: News Corp Australia If re-elected, $1.2bn will be used to secure the initial resource stockpile, and purchases will be made according to strategic and market-conditions. These include elements like titanium, lithium, nickel and cobalt, which are essential for the production of mobile phones, computer chips, electric vehicles, solar panels and defence technologies. Altogether Australia has listed 31 critical minerals, and holds at least 4 per cent of the world's rare earth reserves. The Reserve is expected to be in operation from the second half of 2026, and a taskforce will be created to consult on the design and function of the reserve. Although the Prime Minister did not directly refer to the Trump administration in the announcement, he said the $1.2bn investment into Australia's critical mineral industry would help safeguard 'critical national assets' in 'time of global uncertainty'. 'The Strategic Reserve will mean Government has the power to purchase, own and sell critical minerals found here in Australia,' he said. 'It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand. 'This will be a national asset and our Government will use it to advance Australia's national interest.' Resources Minister Catherine King said the boost to the industry would also drive industry and jobs in Western Australia, where Mr Albanese will spend Thursday campaigning. 'Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners,' she said. 'While we will continue to supply the world with critical minerals, it's also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia. 'The Strategic Reserve, combined with Production Tax Credits and the expansion of the Critical Minerals Facility, shows the Albanese Government is taking the development of an Australian critical minerals industry seriously.'
