Chalmers says Trump’s threats of 200% pharmaceutical tariffs are ‘very regarding’
Chalmers says Trump’s threats of a 200% tariff on overseas prescription drugs and 50% on copper are “very regarding developments”.
The treasurer says the Australian authorities is urgently searching for extra element. He’s talking on ABC Radio Nationwide:
Our prescription drugs trade is way more uncovered to the US market, and that’s why we’re searching for, urgently searching for, some extra element on what’s been introduced. However I wish to make it actually clear as soon as once more, as we have now on a variety of events earlier than, our pharmaceutical advantages scheme isn’t one thing that [we are] keen to commerce away.
We see the PBS as a elementary a part of healthcare in Australia … We’ll work by the announcement out of the US in a single day. They’re clearly very regarding developments. We’re speaking about billions of {dollars} of exports to the US in the case of prescription drugs.
So we’ll work by it in a methodical method, however we make it clear as soon as once more, as we have now on a variety of events in latest months, that the PBS isn’t on the desk.
Australia exports about $2bn value of prescription drugs – primarily vaccines and blood merchandise – to the US annually.
Key occasions
Chalmers says US tariffs ‘dangerous for Australia’ and ‘dangerous for the US’
Jim Chalmers says world commerce tensions are a “substantial concern” to Australia.
The treasurer, who was talking on ABC RN a second in the past, says Trump’s tariffs “pose a threat to the progress that the world has been making in our economies after Covid”.
Australian industries and employees, in addition to commerce within the area, will really feel the impression of “escalating commerce tensions around the globe”, he says.
After we work by the attainable penalties of what we’re seeing right here, it does pose a threat to world progress. It does pose a threat to the progress that the world has been making in our economies after Covid. We’ve made it actually clear on a variety of events, these tariffs are dangerous for Australia. They’re dangerous for the US. They’re dangerous for the worldwide financial system. And so these developments, they’re typically unpredictable. There’s been a component of volatility and uncertainty injected into the worldwide financial system.
Following on from the final publish – some background on large pharma taking purpose at Australia’s pharmaceutical advantages scheme.
Pharmaceutical corporations within the US – the place millions can’t afford life-saving drugs – have tried to intervene in Australia’s nationwide, subsidised drugs system.
In Australia, costs for pharmaceutical medicines are capped at $31.60 if listed on the Pharmaceutical Advantages Scheme (PBS). It’s a far cry from the costs People pay (Lipitor, a cholesterol-lowering drug that stops coronary heart assaults and strokes, can price about A$2,000 within the US, and autoimmune drug Humira more than $11,000, for instance). A report by analysis organisation Rand discovered that US drug costs have been, on common, about 370% larger than in Australia and 278% above the OECD common.
Large pharma within the US desires to promote extra medication in Australia for extra, with its calls for entangled with the continued commerce tariff conflict.
In March, The Pharmaceutical Analysis and Producers of America (PhRMA) took aim at the PBS in a submission to the US authorities for not permitting them to cost Australians extra and for delays getting their merchandise to market.
Learn the total explainer from Tory Sheperd right here:
Chalmers says Trump’s threats of 200% pharmaceutical tariffs are ‘very regarding’
Chalmers says Trump’s threats of a 200% tariff on overseas prescription drugs and 50% on copper are “very regarding developments”.
The treasurer says the Australian authorities is urgently searching for extra element. He’s talking on ABC Radio Nationwide:
Our prescription drugs trade is way more uncovered to the US market, and that’s why we’re searching for, urgently searching for, some extra element on what’s been introduced. However I wish to make it actually clear as soon as once more, as we have now on a variety of events earlier than, our pharmaceutical advantages scheme isn’t one thing that [we are] keen to commerce away.
We see the PBS as a elementary a part of healthcare in Australia … We’ll work by the announcement out of the US in a single day. They’re clearly very regarding developments. We’re speaking about billions of {dollars} of exports to the US in the case of prescription drugs.
So we’ll work by it in a methodical method, however we make it clear as soon as once more, as we have now on a variety of events in latest months, that the PBS isn’t on the desk.
Australia exports about $2bn value of prescription drugs – primarily vaccines and blood merchandise – to the US annually.
Chalmers says tens of millions of individuals have been hoping for rate of interest reduction yesterday
Jim Chalmers says “there have been tens of millions of people that have been hoping for extra price reduction yesterday and didn’t get it”.
The treasurer is talking on ABC Radio Nationwide after the Reserve Financial institution left the cash rate on hold.
Whereas he doesn’t “second guess choices as soon as they’re taken”, he says “it’s definitely the case that the market was shocked”.
Trump: ‘TARIFFS WILL START BEING PAID ON AUGUST 1, 2025’
Donald Trump says extra tariff letters are to return within the subsequent “quick time frame”.
The US president has been posting letters on his Fact Social account to the leaders of quite a few nations together with Thailand, Cambodia, Serbia, Japan, Indonesia and South Africa, informing them that America would proceed with plans to stage giant tariffs on their exports of between 25% and 40%.
As of yesterday, Australia has not received a letter.
Trump posted to Fact Social right this moment:
As per letters despatched to numerous nations yesterday, along with letters that will likely be despatched right this moment, tomorrow, and for the following quick time frame, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There was no change to this date, and there will likely be no change. In different phrases, all cash will likely be due and payable beginning AUGUST 1, 2025 – No extensions will likely be granted. Thanks on your consideration to this matter!
Trump threatens 200% tariff on overseas prescription drugs
Donald Trump has threatened a 200% tariff on overseas prescription drugs – which Australia exports about $2bn worth of to the US each year.
Talking yesterday, the US president laid out plans to step up his controversial trade strategy – imported copper will face a US tariff of fifty% in a bid to bolster US manufacturing of the steel, the administration introduced. US copper costs rose 12% to hit file ranges.
After offering producers with round a yr or a yr and a half’s discover, pharmaceutical imports are additionally “going to be tariffed at a really, very excessive price”, Trump stated. “Like 200%.”
“We’re going to be asserting prescription drugs, chips and varied couple of different issues – you recognize, large ones,” he added, of the administration’s tariff plans.
Learn extra:
Disappointment as Reserve Financial institution leaves charges on maintain
From struggling retailers to squeezed mortgage holders, the Reserve Financial institution of Australia’s shock name to depart rates of interest on maintain has left many disillusioned.
Markets and economists have been broadly in favour of a 25 foundation level reduce in July however the central financial institution board has determined to attend for extra proof on inflation earlier than contemplating decreasing the money price additional.
Rates of interest have already been reduce twice this yr as inflation tracks decrease and the central financial institution’s focus switches to progress prospects and job market resilience.
RBA governor Michele Bullock acknowledged that households with mortgages would have been “very eager” for one more rate of interest reduce to ease finances stress. She stated:
I’m additionally actually aware that we don’t wish to find yourself having to struggle inflation once more.
The Australian Retailers Affiliation described Tuesday’s resolution as a “missed alternative” to enhance the outlook of a sector using one-in-10 Australians.
“Weak shopper spending and excessive enterprise prices proceed to place stress on retailers,” ARA chief govt Chris Rodwell stated.
– by way of Australian Related Press
Rafqa Touma
Thanks to Martin Farrer for kicking off the dwell weblog this morning. I’ll be updating you on the day’s information from right here – let’s get into it.
TGA’s new sunscreen safeguards
The Therapeutic Items Administration (TGA) has really useful sunscreen producers reformulate their merchandise so as to add safeguards for 2 elements following a overview into their efficacy.
It follows a Alternative investigation final month which discovered a few of Australia’s hottest sunscreens, together with some made by Bondi Sands, Banana Boat and the Most cancers Council, are falling wanting the extent of pores and skin safety on the bottle – a declare disputed by suppliers.
The TGA stated suppliers manufacturing sunscreens containing the energetic elements homosalate and oxybenzone, in addition to the byproduct benzophenone, have been suggested so as to add extra controls “to make sure sunscreens meet the best requirements of security for extended and frequent use”.
The TGA stated the overview was prompted by “regulatory developments abroad, adoption of the Australian sunscreen publicity mannequin exterior website and the TGA’s scientific literature overview of sunscreen elements”.
A complete public and stakeholder session will start … to assist decide the extent in sunscreens at which these elements stay appropriate to be used in Australian sunscreens.
All sunscreens obtainable in Australia are protected. The TGA isn’t recommending a change in using sunscreens, nor are there any warnings, bans or remembers of any merchandise.
Australia in talks with Ukraine a few defence pact, paperwork recommend
Australia is negotiating a safety settlement with Ukraine to spice up defence cooperation and codify help following Russia’s invasion, Australian Related Press stories.
Defence consultants say such a pact might assist bolster collaboration between the 2 nations to spice up Australia’s capabilities.
Largely redacted briefing materials ready for the overseas affairs minister, Penny Wong, forward of her December 2024 journey to Ukraine confirms the potential of a safety pact, however particulars stay categorised.
Of the 28 bilateral safety preparations finalised with Ukraine as of late 2024, none have been legally binding or included mutual defence or safety obligations, one briefing doc famous.
Ukraine’s ambassador to Australia, Vasyl Myroshnychenko, didn’t touch upon any particular provisions that had been proposed as a result of sensitivities of negotiations.
However he pointed to broad areas of collaboration similar to intelligence sharing, drone expertise and humanitarian help which have been coated in related bilateral safety agreements between Ukraine and different nations.
A British pact pledged elevated cooperation between defence companies and the Ukrainian military, together with constructing army restore amenities and offering cyber defence expertise.
Humanitarian provisions are outlined in Japan’s settlement, which pledges to supply medical therapy for wounded Ukrainian troopers.
Japan and Ukraine additionally agreed to share and defend categorised intelligence.
Ukraine has developed subtle drone capabilities after the three-and-a-half-year conflict that adopted Russia’s invasion.
“The innovation we have now, nobody on the planet has it”, Myroshnychenko stated.
Oleg Vornik, the boss of an Australian firm referred to as DroneShield, stated the conflict confirmed drones had turn into central to trendy warfare, “necessitating fast innovation in counter-drone applied sciences”.
The Australian firm bolstered Ukraine’s defences by giving troopers the power to detect and disable enemy drones.
A bilateral settlement between Ukraine and Australia would considerably elevate the corporate’s means to “function extra immediately and responsively on the bottom”, Vornik stated.
He pointed to an association in place between DroneShield and Ukrainian operators to make sure expertise might be quickly up to date to sort out rising threats.
G8 Schooling to put in CCTV in its childcare centres
Australia’s largest childcare supplier, G8 Schooling, will set up CCTV in all of its centres and permit dad and mom to supply preferences on who conducts nappy modifications and toileting after little one abuse expenses have been laid in opposition to a former worker, Joshua Dale Brown.
Dale, 26, was charged with greater than 70 offences regarding eight alleged victims aged between 5 months and two years outdated.
In an announcement to buyers on Tuesday night, managing director and chief govt of G8 Schooling Restricted, Pejman Okhovat, stated the workforce was “horrified and appalled” by the allegations.
“These allegations are deeply disturbing, and our hearts exit to all the kids and households concerned. I’m deeply sorry for the unimaginable ache prompted to our households and what they’re going by.”
Okhovat stated following the trial of CCTV in a number of centres, it will be rolled out to all operators in mild of the allegations. Along with better dad and mom’ selection over their youngsters’s care, G8 would additionally fee an unbiased overview into the incident following the police investigation and felony proceedings.
RecipeTin Eats prepare dinner upset her beef wellington recipe ‘entangled in a tragic state of affairs’
Nagi Maehashi, the Australian prepare dinner behind RecipeTin Eats, says it’s “upsetting” to have turn into “entangled in a tragic state of affairs” after it was revealed her beef wellington recipe was utilized by Erin Patterson to lace a meal with dying cap mushrooms.
In the course of the trial, Patterson stated she made multiple changes to the RecipeTin Eats recipe she was utilizing to arrange the deadly beef wellington two years in the past. It was a dish she had by no means made, however she needed to attempt one thing particular for her friends, she stated.
The recipe is described on Maehashi’s web site as “extremely juicy, edge-to-edge rose pink beef encased in pastry boasting a flawlessly crispy base”. It is just obtainable in her debut cookbook, Dinner.
In a publish to Instagram on Tuesday, Maehashi requested journalists “please cease calling and emailing and texting and DM’ing me concerning the Erin Patterson case”.
It’s in fact upsetting to be taught that certainly one of my recipes – presumably the one I’ve spent extra hours perfecting than every other – one thing I created to convey pleasure and happiness, is entangled in a tragic state of affairs … Thanks for respecting my privateness.
On Monday, Patterson was found guilty of murdering three kinfolk and making an attempt to homicide a fourth.
Welcome
Good morning and welcome to our dwell information weblog. I’m Martin Farrer with among the high in a single day tales after which it’ll be Rafqa Touma to information you thru the day.
Australia is in negotiations with Ukraine a few safety pact that would see the 2 nations agency up cooperation on intelligence sharing, in response to briefing paperwork ready for the overseas affairs minister, Penny Wong. Extra arising.
One of many childcare operators on the centre of the abuse allegations in Victoria has instructed shareholders it plans to put in CCTV in all of its websites and permit dad and mom to supply preferences on who conducts nappy modifications and toileting. Extra particulars shortly.
The well being regulator has really useful sunscreen producers add safeguards to merchandise containing two elements amid concern about their efficacy. We have now extra arising.
