Latest news with #tarifftalks
News.com.au
06-06-2025
- Business
- News.com.au
American beef key issue in Trump tariff talks
The US is pushing for looser rules on American beef imports in tariff talks, a senior Albanese government minister says. Australia has been vying for an exemption from both the Trump administration's baseline 10 per cent levies on foreign goods and the 50 per cent imposts on steel and aluminium. Donald Trump had told Anthony Albanese that an Australian carve out was 'under consideration' but ultimately decided there would be 'no exemptions' as he set about prosecuting his 'America first' agenda. Health Minister Mark Butler said on Friday that Australian officials were working through a request to accept beef from cattle slaughtered in the US that originated in third countries. 'We will be making a decision in the national interest,' Mr Butler told Seven's Sunrise. 'That's what we've done in relation to pharmaceuticals – we've said there's no way our PBS will be on the negotiating table and we won't compromise our biosecurity laws either.' He said the government had been 'reviewing this issue for some time'. 'This is US beef that's raised in Canada or Mexico, not cattle raised in the US itself but then brought into America, slaughtered there and proposed for exports,' Mr Butler said. 'This will be a decision taken on its merits, not for convenience, not to get a deal.' Noting Australia's 'very strict biosecurity laws', he said the officials had been reviewing the safety of American beef with third country origins even before the request was made. Appearing opposite Mr Butler, opposition senator Jane Hume said the Coalition supported the caution. 'We certainly don't want to see a watering down of our biosecurity laws that would potentially put our beef industry in danger,' Senator Hume said. 'This isn't about protecting an industry's prosperity, it's about protecting an industry's integrity. 'If you are tweaking biosecurity laws by watering them down that's something I think we would be very concerned about.' The Prime Minister has also ruled out watering down biosecurity laws to get a deal. 'No, we will not change or compromise any of the issues regarding biosecurity, full stop, exclamation mark,' Mr Albanese told the ABC. 'It's simply not worth it, so it's that simple.' Only the UK has been able to secure a partial exemption from the US President's blanket tariffs. A key UK concession was scrapping its 20 per cent duties on American beef and raising the import quota to 13,000 metric tonnes. But with many British goods still subject to tariffs, analysts have questioned whether the deal was worth it. The US has trade surpluses with both the UK and Australia. Australia also has a free-trade agreement with the US, meaning goods should be traded mostly uninhibited. The Albanese government has repeatedly criticised Mr Trump's decision to slap tariffs on Australian products as 'economic self-harm' and 'not the act of a friend'. Trade Minister Don Farrell is in Europe this week for high-level negotiations on a free-trade deal with the EU. He also met with his US counterpart and pressed for an Australian exemption from the 'unjustified' tariffs. 'Australia's position has been consistent and clear,' Senator Farrell said in a statement. 'These tariffs are unjustified and not the act of a friend. 'They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade. 'We will continue to engage and advocate strongly for the removal of the tariffs.' Mr Albanese has vowed to raise tariffs with Mr Trump when the two leaders meet at the G7 in Canada later this month.
Bloomberg
05-06-2025
- Business
- Bloomberg
Trump's China Envoy Seeks to Calm US Firms as Trade Ties Fray
US Ambassador David Perdue sought to reassure American businesses in China that the countries will maintain their commercial ties, as tensions flare between the world's largest economies over export controls. The envoy told US business groups on Thursday the Trump administration is looking for ways to cooperate with China and supports their presence in the country, according to people familiar with the matter. The exchanges took place as a dispute over China's grip on critical materials threatens to derail tariff talks that the US said has stalled.
NHK
23-05-2025
- Business
- NHK
Japan to propose greater investment in US in tariff talks
Japan's tariff negotiator is expected to propose greater investment by Japanese companies in the United States in the upcoming ministerial-level tariff talks in Washington. Economic Revitalization Minister Akazawa Ryosei is set to take part in the third round of talks in Washington on Friday, local time. Sources say Japan will present a plan to expand Japanese firms' investment in the US. It is likely to include Nippon Steel's offer to invest billions of dollars in US Steel, if its bid to acquire the US steelmaker is approved. Japan apparently aims to turn the tariff talks to its advantage by stressing its willingness to contribute to the US manufacturing sector. The 14-billion-dollar buyout plan was blocked in January by then-President Joe Biden on national security grounds. Last month, President Donald Trump instructed the Committee on Foreign Investment in the United States to conduct a fresh security review of the proposed deal. The government body reviewing the proposed acquisition has reportedly sent its recommendation to the president this week. Trump is expected to make his decision on the buyout plan by June 5. Some Japanese government officials are skeptical that an agreement will be forthcoming in this round of talks as Treasury Secretary Scott Bessent is not expected to attend. Government sources say preparations are underway for Akazawa to visit the United States again next week for talks with Bessent. Japan hopes to lay the groundwork for an agreement by accelerating negotiations through frequent visits to Washington.
NHK
20-05-2025
- Business
- NHK
Top Japan trade envoy to head for US for fresh tariff negotiations
Japan's top negotiator in tariff talks with the United States is scheduled to leave for Washington on Friday. Economic Revitalization Minister Akazawa Ryosei is expected to engage in a third round of ministerial discussions the following day. He said on Tuesday, "It's important to achieve an agreement that's a win for both countries. Japan's national interests must not be damaged by prioritizing an early consensus." Akazawa is expected to ask the US again to review levies imposed on Japanese autos and other products. Tokyo has already presented plans to buy more goods from the US. This includes a review of procedures to make it easier to import American cars. Japan has also made a proposal to increase imports of soybeans and corn. Meanwhile, Washington has given Tokyo a list of what it considers to be non-tariff trade barriers.
CNA
13-05-2025
- Business
- CNA
Indonesia's plan to cut fuel imports from Singapore could disrupt trade flows, but fallout likely minimal: Analysts
SINGAPORE: Indonesia's plan to cut fuel imports from Singapore could pressure trade flows amid tariff talks with the United States, but observers said they believe the broader impact on Singapore's economy will be limited. Analysts told CNA that diversification of the economy into areas such as technology and manufacturing will continue to prop up growth. However, they cautioned that there may be indirect impact on the transport and storage services and wholesale trade sectors. This comes as Indonesia is looking to change the source of some of its fuel imports from Singapore to the US. It is currently negotiating the 32 per cent tariffs that the US wants to impose on Indonesian goods. These tariffs have been paused until July. ADDRESSING TRUMP TARIFFS Singapore is a major global refining hub and supplier of fuel. In the first four months of 2025, it exported more than 54,000 barrels of gasoil and 8,300 barrels of jet fuel daily to Indonesia. Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia said last Friday (May 9) that it could shift as much as 60 per cent of its total fuel imports from Singapore to the US in the early stages. Jakarta is looking to ramp up fuel imports from the US, as part of a wider proposal to address US President Donald Trump's punitive tariffs. Despite this, experts believe the impact on Singapore's economy would be minimal. "Even if Indonesia were to scale back their imports, Singapore is resourceful,' said John Driscoll, director of energy market intelligence provider JTD Energy Services. 'They've got an infrastructure, refineries, storage terminals, support services, and besides that, they are the major pricing point east of Suez,' he added, referring to areas located east of the Suez Canal. 'You've got all of the major technology companies setting up the offices out here - Facebook, Google, Amazon. Singapore is not as dependent on oil, and I think that's been a deliberate strategy on their part. They want to diversify away from a reliance on oil.' EXCESS OIL SUPPLY The oil industry makes up around 5 per cent of Singapore's overall gross domestic product (GDP). This is smaller compared to other sectors such as manufacturing, which contributes about 20 per cent of the economy. However, analysts warned that if other countries follow in Indonesia's footsteps, the impact could be multiplied. "There could be second-round effects on the transport and storage services sectors, the wholesale and retail trade sectors could also be affected, because the activity drops. That could also limit the port activities,' said Mr Jeff Ng, head of Asia macro strategy at SMBC. 'When you have less demand, the manufacturing sector and the services sector may also be impacted.' Other potential short-term challenges include excess oil supply that could push prices down, said experts. Even then, they said the market is likely to stabilise over time. 'Singapore most likely will be stuck with a little more oil because there is no buyer of it,' said economics professor Sumit Agarwal of the NUS Business School. 'That should provide downward pressure on Singapore oil that they are selling to, say Malaysia and other countries. So profitability will go down for the refining business for Singapore. 'But in the medium term, Singapore will find other buyers who could be suitable buyers for Singapore's refined oil, and things will be fine.' Potential players in Singapore's market could include countries from the Middle East, said observers. There may also be interest from investors like hedge funds and banks.
