India has rejected Australia's push for deeper tariff cuts on dairy and alcohol, hampering efforts to conclude the second phase of a trade pact by year-end, two Indian government sources said.

SYDNEY (Reuters) -Australia is “urgently seeking more detail” on U.S. President Donald Trump’s threat to raise tariffs up to 200% on pharmaceutical imports, Treasurer Jim Chalmers said on Wednesday.

Former Howard government minister Peter McGauran says Donald Trump’s unpredictability is the “major reason” behind the RBA’s rate hold. It comes after the Reserve Bank of Australia denied mortgage holders what would have been the first consecutive interest rate cuts since 2020.

The US is Australia’s biggest export market for pharmaceuticals. If the tariffs go ahead, manufacturing could suffer.

Australia’s total beef exports to the US rose significantly in June in the face of President Donald Trump’s new tariff regime, which saw the American leader specifically single out Canberra for refusing to accept adequate red meat imports.

Australia's central bank is very focused on U.S. tariff developments, Deputy Governor Andrew Hauser said on Wednesday, adding that there is an enormous amount of uncertainty in the global economy. The Reserve Bank of Australia on Tuesday surprised markets by holding interest rates steady at 3.

On April 2, 2025, US President Donald Trump unveiled sweeping new taxes—dubbed “Liberation Day” tariffs—targeting imports from nearly every country around the world. The move sent shockwaves through the global trade system and triggered a sharp downturn in international financial markets.

Australia stands to receive small but positive benefits from Donald Trump’s tariff war, however, a broader trade war would have “serious consequences”, a new report has found.

Australia will likely still be subjected to the 10% tariff rate on all exports to U.S. but the government will continue to try and negotiate for an exemption, Australian Prime Minister Anthony Albanese said on Friday.

China's top diplomat, Wang Yi, on Friday met with his Canadian and Australian counterparts in Malaysian capital Kuala Lumpur to discuss a variety of bilateral and global issues, including the US tariffs, South China Sea, and Ukraine crisis, state media reported.