TRANSCRIPT
United States President Donald Trump has announced extensive retaliatory tariffs on most goods coming into the U-S, in a move that is expected to have a wide-ranging impacts on the global economy.
The new tariffs include a 25 per cent tax on foreign-made automobiles... 34 per cent tariffs on imports from China... and 20 per cent on those from the European Union.
Imports from the United Kingdom will have a 10 per cent duty applied.
Mr Trump made the announcement at the White House, saying today will be remembered in history, as the day that made America wealthy again.
"For decades our country has been looted, pillaged raped and plundered by nations near and far, by friend and foe alike. American steelworkers, autoworkers, farmers and skilled craftsmen, we have a lot of them here today, they really suffered gravely, they watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign countries have torn apart our once beautiful American dream.”
The White House believes tariffs will spur manufacturers to increase domestic production and create factory jobs.
But economists have warned the move will push prices higher in the United States and spark a trade war that threatens to destabilise the global economy.
The new excise duties come in addition to tariffs already announced on automotive imports, steel and aluminum .. and levies against China, Canada and Mexico.
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Prime Minister Anthony Albanese says the government will provide 50 million dollars to industries affected by the U-S tariff announcement.
U-S President Donald Trump says he will impose 10 per cent tariffs on multiple Australian exports.
Mr Albanese says government will provide financial help through bodies such as the National Farmers Federation, to secure and grow new markets for Australian products.
Labor will also impose an anti-dumping regime to safeguard steel and aluminium from duties ... and establish a one billion dollar economic resilience fund to provide interest free loans to firms to capitilse on new export opportunities.
Mr Albanese says the tariffs are unwarranted.
"President Trump referred to reciprocal tariffs. A reciprocal tariff would be zero, not 10 per cent. The administration's tariffs have no basis in logic and they go against the basis of our two nation's partnership."
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The National Farmers' Federation has welcomed the federal government's support for primary producers in the face of new U-S tariffs.
N-F-F President David Jochinke says the U-S measures will affect Australian producers- especially beef, sheep meat and wine producers.
He says a quick response is critical.
"The American market is extremely important to Australian markets and Australians in general, so any impact on that will be felt at the grassroots level at the farmer level, so we need to work very quickly to both understand the situation because it will vary between sectors but, secondly, put measures in place to try to re-engage a diplomatic solution or find alternative markets."
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The Coalition has promised to invest $600 million to upgrade agricultural and mining roads if elected.
The Opposition's spokeswoman for infrastructure Bridget McKenzie says the investment would acknowledge the contribution of the agriculture, mining and trucking industries to the nation's economy.
Opposition Leader Peter Dutton says these industries can't operate at their full potential without road upgrades and it will lead to easier transportation of critical products such as fresh food from farms and materials from mining.
Mr Dutton says the investment could support industries in West Australia in particular.
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Widespread rain is set to finally ease in inland Queensland but the threat of flooding persists.
Parts of south west Queensland received more than 100 millimetres of rain yesterday but the wet weather is expected to move to the north and east of the state today.
However, flooding in many creeks and rivers is not expected to ease for days and could move into part of north west New South Wales next week - with warnings communities could be isolated for six to 10 weeks.
Assistance grants of up to $75,000 have been announced by the Queensland state government for affected primary producers.
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Russia says peace talks with the United States over a settlement in Ukraine are continuing.
A Russian envoy is expected in Washington this week for talks with members of U-S President Donald Trump's administration.
Last month Ukraine said it was willing to accept a FULL 30-day ceasefire but that deal was rejected by Russian President Vladimir Putin.
Kremlin spokesperson Dimity Peskov says the Russian President is serious about engaging in a peace process and is blaming Ukraine for the failed proposal.
"President Putin remains open to peace negotiations. President Putin remains open to searching political and diplomatic methods to Ukrainian settlement. We will continue our work with the Americans, we will continue patiently informing them about the real state of events, Kyiv's unwillingness to do anything for peace."
Overnight, Russia and Ukraine accused each other of launching new strikes against each other's energy facilities, in violation of a truce on energy infrastructure attacks, agreed to by both sides last month.
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China has announced plans to launch a new mission to explore the south pole of the moon.
Planning to launch in 2026, the Chang'e-7 mission would explore the environment and resources on the south pole and look for evidence of water.
If ice is discovered, it could revolutionise future lunar exploration by providing drinking water, oxgyen and rocket fuel production capabilities.
Chief designer of the Chinese Lunar Exploration Program Wu Weiren says the discovery of water could allow for humans to stay on the moon.
"This feature [of the south pole] lays a foundation for our exploration of the moon because it will enable human beings to live and work there for long time. That's why we say we will be looking for water -- is there water in the craters? If so, that would be a huge discovery and a monumental achievement."
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Liverpool have re-established their 12-point lead at the top of the English Premier League with a 1-0 victory against Everton.
Diogo Jota scored his first league goal since mid-January, ensuring second-placed Arsenal remains a safe distance behind on the ladder.
It also ended Everton manager David Moyes' nine-match unbeaten league run since taking over in January.
