TRANSCRIPT
- Donald Trump's backflip on tariffs unlikely to affect Australia according to the Deputy PM
- Nearly $50 billion wiped from Australia's top 500 listed companies
- Adelaide and Geelong set for high-stakes Gather Round opener
Donald Trump’s decision to ease tariffs for most countries won’t directly affect Australia, but may open the door to further talks with the US according to the Deputy Prime Minister.
The US president has lowered tariffs to 10 per cent for many nations for 90 days, while sharply increasing the rate on Chinese imports to 125 per cent.
Australia's tariff rate remains unchanged at 10 per cent, as set during the first week of the federal election campaign.
Asked if the move would impact Australia, Deputy Prime Minister Richard Marles tells Channel Nine, it would not.
“No, and nor does our policy. ... We would prefer there were no tariffs between Australia and the United States, and we’ll continue to make that case, but we're also going to build our own economic resilience and look for other markets, which is what we have been doing and that will be our focus."
China and the European Union have imposed new tariffs on US goods in response to steep tariffs introduced by President Donald Trump.
China raised its tariffs on US imports from 34 per cent to 84 per cent, shortly after the US slapped 104 per cent duties on Chinese products which has been increased to 125 per cent.
The EU followed suit, announcing 25 per cent tariffs on a range of U-S imports as part of its initial countermeasures.
Cinzia Alcidi, a senior research fellow at the Centre for European Policy Studies, says the countermeasures are more symbolic rahter than a strong response.
"Overall, the package is, if you want, quite limited in size. It seems to target around 20 billion euros of US exports, and it targets very specific products like soybeans and some others. So it's more symbolic, if you want, than a clear response or a strong response to the US tariffs."
Nearly $50 billion was erased from Australia's top 500 listed companies yesterday as fresh US tariffs on Chinese goods took effect.
The tariffs kicked in at 2pm AEST on Wednesday.
The market plunge followed the implementation of so-called Liberation Day tariffs, including a now 125 per cent levy on Chinese exports to the U-S.
Ukraine has expanded its claim that Chinese nationals are fighting for Russia, saying it has gathered detailed intelligence on what it calls 'mercenaries', allegedly recruited via social media.
Chinese officials have dismissed the allegations as totally unfounded.
The accusation comes as the U-S pushes for a ceasefire in the war, now entering its fourth year.
On Tuesday, President Volodymyr Zelenskyy said Ukrainian forces had captured two Chinese men fighting alongside Russian troops.
He did not accuse the Chinese government of authorising their involvement and says the captives were cooperating with investigators.
"The Security Service of Ukraine is carrying out the first procedural actions with the captured Chinese citizens. They are in Kyiv. They are communicating with investigators. They are providing information about how they ended up at the front, how they became participants in this international crime, this Russian war against Ukraine."
Ukraine claims to have the surnames and passport details of other Chinese nationals fighting for Russia.
More schoolchildren will be able to visit the Great Barrier Reef under a new $10 million Labor pledge, as Prime Minister Anthony Albanese takes his campaign to one of Australia’s most iconic natural landmarks.
Of the total funding, $6 million will go towards subsidising school excursions to the UNESCO World Heritage site.
"The Great Barrier Reef is a magnet for the world, and in order for it to be a magnet for the world who want to see a pristine environment, we need to be able to show that we're behaving responsibly and sustainably, and that is what we are doing. this reef program that we're announcing today will provide six million dollars for Kids For the Reef, for young people who wouldn't get the opportunity otherwise, to see the reef first hand."
While cost-of-living issues have dominated the election campaign, the environment remains a key concern for many voters ahead of the 3rd of May election.
Adelaide and Geelong will collide in tonight's Gather Round opener at Adelaide Oval, with contrasting styles set to clash; Adelaide’s attacking firepower against Geelong’s control and structure.
The Crows, aiming for their first finals appearance since 2017, come off a narrow one-point loss to the Suns, following three strong wins.
Despite a late umpiring controversy, the loss was far from damaging.
Geelong, last year’s preliminary finalists, bring their trademark discipline into a match that could reveal just how far Adelaide have come this season.
