Donald Trump news: US President confirms Australia | Australian Markets
US President Donald Trump has confirmed Australia has been calling the White House and that he will likely be talking with leaders to make a deal.
“They are calling, and I’ll be talking to him, yes,” Mr Trump stated when requested if he would communicate to Prime Minister Anthony Albanese about trade.
Prime Minister Anthony Albanese has remained steadfast in regards to the need for a “considered” strategy to managing negotiations with Mr Trump.
“The US administration changes its position on a regular basis,” Mr Albanese stated after Mr Trump introduced his world tariffs.
“We need to make sure that Australia is considered in the way that we go forward.
“You have to be an adult. You do not dial it up to 11 at every opportunity, which is what Peter Dutton’s plan is on everything, just to say the first thing that comes into your head.
Feel like giving the politicians a rating this Federal election?
Our Pollie Rater lets you do just that.
Rate the politicians
“What you need to do in dealing with the United States, in dealing with other diplomatic relations as well, is to be consistent and considered.”
He stated Australia would “continue to advocate that Australia’s tariff rates should be zero”.
Mr Trump has relaxed his stance since asserting tariffs on his so-called “Liberation Day”.
The US President relaxed most tariff charges for 90 days after US markets continued to hemorrhage following his announcement.
Since then, the Trump Administration has been vocal in regards to the need to “get a deal” with nearly each nation so the US can stop being “ripped off” by different international locations.
After confirming Australia had been calling, Mr Trump stated: “India’s coming along great. I think we’ll have a deal with India. They want to make a deal.”
Comments from Mr Trump and his group counsel offers with Japan, South Korea and India are close, whereas negotiations with China have sparked a brutal trade warfare.
The feedback come as Mr Trump prepares for a rally and a victory lap of kinds to have fun his first 100 days back in workplace as US President.
On Tuesday within the US, Mr Trump will signal an govt order to melt the consequences of his car tariffs, the White House says.
Administration officers stated the strikes on Tuesday would alleviate some duties on international components in vehicles manufactured within the United States whereas importers wouldn’t need to pay double tariffs on each vehicles and the supplies used to make them.
“The president will sign the executive order on auto tariffs later today, and we will release it, as we always do,” White House Press Secretary Karoline Leavitt stated during a briefing with Treasury Secretary Scott Bessent in regards to the administration’s financial coverage agenda.
The administration has but to formally announce the measures to melt the tariffs, however administration officers have confirmed a report within the Wall Street Journal that corporations paying car tariffs would no longer be charged different levies, corresponding to on aluminium and metal.
Reimbursements could be given for such tariffs that had already been paid.
“This deal is a major victory for the president’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing,” Commerce Secretary Howard Lutnick stated in a assertion late on Monday which didn’t embrace particulars.
Softening the impact of car levies is his administration’s latest transfer to show some flexibility on tariffs which have sown turmoil in financial markets, created uncertainty for companies and sparked fears of a sharp financial slowdown.
Car makers stated earlier on Monday they have been anticipating Trump to challenge aid from the car tariffs forward of his journey to Michigan, home to the Detroit Three car makers and more than 1000 main car suppliers.
General Motors, CEO Mary Barra and Ford CEO Jim Farley praised the deliberate adjustments.
“We believe the president’s leadership is helping level the playing field for companies like GM and allowing us to invest even more in the US economy,” Barra stated.
Farley stated the adjustments “will help mitigate the impact of tariffs on automakers, suppliers and consumers”.
But the uncertainty unleashed throughout the car sector by Mr Trump’s tariffs was nonetheless on full show on Tuesday when GM pulled its annual forecast even because it reported sturdy quarterly gross sales and revenue.
In an uncommon transfer, the car maker additionally opted to delay a scheduled convention call with analysts till later within the week, after the small print of tariff adjustments have been recognized.
Last week, a coalition of US car industry teams urged Mr Trump to not impose 25 per cent tariffs on imported car components, warning they might cut vehicle gross sales and raise costs.
Mr Trump had stated earlier he deliberate to impose tariffs of 25 per cent on car components no later than May 3.
“Tariffs on auto parts will scramble the global automotive supply chain and set off a domino effect that will lead to higher auto prices for consumers, lower sales at dealerships and will make servicing and repairing vehicles both more expensive and less predictable,” the industry teams stated within the letter.
The letter from the teams representing GM, Toyota Motor, Volkswagen, Hyundai and others, was despatched to US Trade Representative Jamieson Greer, Treasury Secretary Scott Bessent and Commerce’s Lutnick.
“Most auto suppliers are not capitalised for an abrupt tariff-induced disruption. Many are already in distress and will face production stoppages, layoffs and bankruptcy,” the letter added, noting “it only takes the failure of one supplier to lead to a shutdown of an automaker’s production line”.
– with Reuters
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present every day updates to make sure you have entry to the freshest data on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the long run of Australia’s economic system! Visit us usually for essentially the most participating and informative market content material by clicking right here. Our rigorously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory adjustments, and pivotal moments within the Australian financial panorama.
