Donald Trump’s exemption of electronic goods from his tariffs highlights the inconsistency,lack of logic and the risks for the US in the way he is pursuing his trade war on everyone.
The Australian sharemarket finished a turbulent week in the red,with miners falling after Wall Street slumped overnight.
Meanwhile,the president said countries initially hit with a 10 per cent tariff – such as Australia – could negotiate a lower rate depending on what they offered the US.
The Australian sharemarket posted its biggest jump in five years on Thursday after Wall Street had its third-best day since World War II following Donald Trump’s stunning tariffs reversal.
Shares fell sharply in another turbulent day on Wednesday,as the Trump administration ramped up the pressure on China and imposed its sweeping global tariffs.
Trump was speaking at a Republican Party black tie dinner after his own trade representative was grilled at a Senate hearing about why the US whacked tariffs on Australian goods.
It’s likely this trade war is just the first episode in what will be a four-year-long saga. A New Hope can’t come soon enough.
Beijing has hit back at Donald Trump’s threats of more tariffs with a threat of its own.
The president is projecting confidence in the face of a market rout and internal disagreement. But he has world leaders hanging on his every word.
The Australian dollar has fallen to its lowest point in five years,with travellers and importers set to feel the brunt.