Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

News

Trump imposes 25% tariffs on Australian steel, aluminium

Trump imposes 25% tariffs on Australian steel and aluminium, causing a significant slump in the Aussie sharemarket.

Published

on

Trump imposes 25% tariffs on Australian steel and aluminium, causing a significant slump in the Aussie sharemarket.

In Short

US President Trump has imposed a 25% tariff on Australian steel and aluminium, causing an immediate $15 billion loss in the Australian sharemarket. Political leaders are urging the government to negotiate with the US to minimise the economic impact and inflationary effects of these tariffs.

US President Donald Trump has announced a 25 per cent tariff on Australian steel and aluminium exports.

This decision has caused a significant downturn in the Australian sharemarket, with an estimated loss of $15 billion in the first hour of trading following the announcement.

The tariffs will affect major Australian companies, including Rio Tinto, as the US imported approximately $638 million worth of Australian steel in 2024.

President Trump stated that the tariffs would apply to all countries, making no exceptions, thus escalating tensions in international trade.

A tariff results in increased costs for US buyers, likely reducing demand for Australian exports and disrupting global supply chains.

Economists caution that this move reflects Trump’s “America First” trade doctrine, potentially impacting the broader economy.

In addition, Australian businesses, such as Crusader Caravans, may reconsider their market strategies if tariffs are imposed, as it raises costs and complicates supply chains.

Time to negotiate

Political leaders, including Nationals Leader David Littleproud, have urged the Labor government to negotiate with the US to mitigate the impact of the tariffs, advocating for a rules-based trade order.

Prime Minister Anthony Albanese intends to contact US President Donald Trump directly following Trump’s announcement of a plan to impose a 25 percent tariff on all steel and aluminium imports. This move has raised concerns in Australia regarding the potential impact on jobs and exports.

Australian political leaders are optimistic that the country’s defence alliance with the United States will facilitate a favourable outcome. Consequently, the Coalition has proposed that the government consider replacing Kevin Rudd as ambassador in Washington if necessary to secure a favourable trade agreement.

Continue Reading

News

US, Ukraine announce Black Sea truce amid conditions

US and Ukraine announce Black Sea truce, contingent on Kremlin’s sanctions relief conditions.

Published

on

US and Ukraine announce Black Sea truce, contingent on Kremlin’s sanctions relief conditions.

In Short

The US announced a ceasefire agreement between Russia and Ukraine in the Black Sea, contingent on Russia lifting certain sanctions.

Both sides have committed to observing the truce, yet achieving a complete ceasefire remains uncertain, with potential future concessions from Russia.

The United States announced that Russia and Ukraine have reached a ceasefire agreement in the Black Sea, conditioned on the removal of specific sanctions by the Kremlin.

The agreement emerged from three days of technical talks in Saudi Arabia, focusing on ensuring safe navigation in the Black Sea and preventing military use of commercial shipping. The US pledged assistance in restoring Russian access to global agricultural markets and reducing maritime insurance costs.

President Donald Trump noted that conditions from the Kremlin would be considered, particularly regarding sanctions on banks involved in agricultural exports. The truce would take effect upon lifting restrictions on the Russian Agricultural Bank and others, tying them to the SWIFT international payment system.

Ukrainian forces

Ukrainian President Volodymyr Zelenskiy announced an immediate observance of the truce by Ukrainian forces. The two sides also agreed on mechanisms to enforce a ban on attacks against energy infrastructure, effective for 30 days.

While the talks advanced some agreements, achieving a full ceasefire remains challenging, as Russia may seek to extract further concessions from the US.

Ukrainian Defense Minister Rustem Umerov expressed confidence in US support for compliance with the agreements. However, full ceasefire timelines proposed by the Trump administration appear overly ambitious to some officials.

Zelenskiy confirmed Ukraine’s commitment to a full ceasefire, highlighting the contrast between Ukraine’s intentions and Russia’s position.

Continue Reading

News

Trump’s team accidentally shared war plans with journalist

Trump’s team reviewed accidental disclosure of airstrike plans to journalist via Signal thread, sparking criticism and demands for investigation.

Published

on

Trump’s team reviewed accidental disclosure of airstrike plans to journalist via Signal thread, sparking criticism and demands for investigation.

In Short

The Trump administration is investigating how Jeffrey Goldberg of The Atlantic was mistakenly added to a group chat about U.S. airstrike plans in Yemen. The incident has drawn widespread criticism from both Democrats and Republicans for mishandling classified information and raised serious national security concerns.

The Trump administration is currently reviewing how Jeffrey Goldberg, editor-in-chief of The Atlantic, was inadvertently added to a Signal group chat discussing U.S. airstrike plans against Houthi militants in Yemen.

The National Security Council confirmed the authenticity of the message thread and announced an investigation into how Goldberg’s number was included. Goldberg initially expressed skepticism about the texts and considered the possibility of disinformation campaigns.

He received messages from high-ranking officials, including Vice President JD Vance and Secretary of Defense Pete Hegseth, later sharing some exchanges and screenshots in his article.

Left the group

Goldberg noted that he left the group after concluding the conversation was genuine. Within the discussion, a user identified as “JD Vance” raised concerns about the airstrike plans and their broader implications.

Following the article’s publication, Democratic lawmakers condemned the incident, calling it a serious national security breach. Criticism extended to the transmission of classified information through unsecured channels, with demands for investigations.

Even some Republicans criticized the administration’s handling of classified information. Amidst this, Trump stated he was unaware of the situation when questioned. The unfolding events highlight significant concerns about national security practices within the administration.

Democrats have likened the incident to amateurish behaviour, suggesting the need for tighter safeguards in handling sensitive information moving forward.

Continue Reading

News

Heathrow Airport could have avoided shutdown despite nearby fire

Heathrow Airport stayed operational post-fire, but faced extensive disruptions and criticism over crisis management and power dependency.

Published

on

Heathrow Airport should have stayed operational post-fire, but faced extensive disruptions and criticism over crisis management and power dependency.

In Short

Heathrow Airport could have stayed open despite a nearby electrical substation fire that caused 1,300 flight cancellations. Both Heathrow and the UK government have launched investigations, while airline stocks fell due to concerns over financial impacts.

Heathrow Airport may have remained open on Friday despite a fire at a nearby electrical substation, according to Britain’s National Grid.

The London airport had previously closed due to the fire affecting its power supply. National Grid’s CEO, John Pettigrew, stated that although one substation was damaged, two others provided sufficient power to ensure operations could continue.

Heathrow officials, however, argued that a safe restart of operations was not feasible after such a major disruption. They emphasised the complexity of the airport’s systems, which required careful management during the downtime.

Alternative options

Heathrow’s CEO, Thomas Woldbye, highlighted that while alternative substations existed, switching them on was time-consuming. He pointed out that the fire occurred outside of Heathrow’s control and required significant response efforts from the airport.

An internal investigation has been initiated by Heathrow, with the UK government also planning a separate inquiry into the incident. The disruption caused around 1,300 flight cancellations or diversions, leading to substantial financial implications for airlines.

In the aftermath, airline stocks faced a decline in value, reflecting investor concerns about the incident’s impact on travel and revenue. The International Air Transport Association criticized Heathrow’s emergency response, questioning the airport’s reliance on a single power source.

Continue Reading

Trending Now