Anthony Albanese has responded to the United States’ calls for a huge rise in defence spending amid fears about China, while hitting back at Donald Trump’s move to double tariffs on steel and aluminium. On Saturday Pete Hegseth urged US allies in the region, including Australia, to “share the burden” and lift defence spending to 5% of GDP, warning that “Beijing is credibly preparing to potentially use military force to alter the balance of power in the Indo-Pacific”. “There’s no reason to sugar coat it,” he said. “The threat China…
Tag: International trade
Trump accuses EU of dragging its heels on a tariff deal with the US
Donald Trump said the EU had been dragging its heels “to put it mildly” on sealing a tariff deal with the US, repeating his assessment that his threat of a 50% tariff on imports from the bloc was an “extremely” satisfactory move. He commended the EU for calling to “quickly establish meeting dates” but reignited fears of a trade war with the region by adding criticism of the EU to his statement on his Truth Social platform on Tuesday. “I was extremely satisfied with the 50% tariff allotment on the…
World’s seven wealthiest countries agree to counter China’s trade practices
Top finance officials from the world’s seven wealthiest democracies set aside stark differences on US tariffs and agreed to counter global “economic imbalances”, a swipe at China’s trade practices. In a communique issued on Thursday, the Group of Seven finance ministers and central bank governors, meeting in the Canadian Rockies, left out their traditional defense of free trade and toned down their references to Russia’s war in Ukraine compared with last year. But they did agree that further sanctions on Russia could be imposed if the two countries do not…
Trump says he has a ‘little problem’ with Tim Cook over Apple’s India production
Donald Trump has admonished Apple and its chief executive over the tech firm’s reported plans to source production of US-bound iPhones from India. The US president said he had a “little problem” with Apple’s Tim Cook, after reports that the company is planning to switch assembly of handsets for the US market from China to India. “I had a little problem with Tim Cook yesterday,” said Trump, speaking in Qatar on Thursday. Referring to Apple’s recent promise to spend $500bn (£375bn) in the US, he added: “I said to him:…
China issues warning to UK over terms of US trade deal
China has warned the UK over its new trade deal with the US, accusing Britain of aligning with the US in a move that could compel British companies to exclude Chinese products from their supply chains. The UK-US trade deal, signed last week, offers Britain limited relief from US tariffs on car and steel exports, but only if it complies with strict American security requirements. These conditions include scrutinising supply chains and ownership structures – a move widely interpreted as targeting Chinese involvement. Beijing argues the agreement violates the principle…
China cautiously welcomes pause in US tariff war
A 90-day pause in the US-China tariff war has been cautiously welcomed in China but tensions remain high, with Xi Jinping again accusing the US of “bullying”. After two days of talks between officials in Geneva over the weekend, China and the US agreed to substantially lower for the next 90 days the high tariffs each had imposed on the other in a tit-for-tat trade war. Under the agreement, US duties on Chinese goods will be lowered from 145% to 30%, while China’s retaliatory tariffs on US imports will be…
US to slash tariff on small China parcels from 120% to 54%
The US has announced it is cutting the tariff on small parcels sent from mainland China and Hong Kong to the US from 120% to 54%, hours after Washington and Beijing agreed a 90-day pause in their trade war. Donald Trump signed an executive order more than halving the levy, which was brought in at the start of this month to close the “de minimis” loophole allowing low-value goods to be sent to the US without paying any import fees. The exemption – taken from the Latin phrase for “of…
China and US agree 90-day pause to trade war initiated by Donald Trump
China and the US have agreed a 90-day pause to the deepening trade war that has threatened to upend the global economy, with reciprocal tariffs to be lowered by 115 percentage points. Speaking to the media after talks in Geneva, the US treasury secretary, Scott Bessent, said both sides had shown “great respect” in the negotiations. Bessent said: “The consensus from both delegations this weekend was neither side wants a decoupling.” The 90-day lowering of tariffs applies to the duties announced by Donald Trump on 2 April, which ultimately escalated…
Trump claims ‘total reset’ in US-China trade relations after tariff talks in Geneva
Donald Trump has hailed a “total reset” in US-China trade relations after the first day of talks between top American and Chinese officials in Geneva aimed at defusing a trade war sparked by his tariff rollout. The US president praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner”. “We want to see, for the good of both China and the U.S., an opening up of China to American business,” he posted on his Truth Social platform early on Sunday, adding: “GREAT…
Chinese and US officials meet in Geneva for ‘de-escalation’ trade talks
Senior US and Chinese officials held talks early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China’s state-owned news agency and people close to the talks. China’s vice premier, He Lifeng, and the US treasury secretary, Scott Bessent, met after weeks of growing tensions that have seen duties on goods imports between the world’s two largest economies rise above 100%. The trade dispute, combined with the decision from the US president, Donald Trump, last month to…