Politics

Political news that affects economic policies and markets.

14 hours agoPolitics
'Very concerning': US to add tariffs on copper, pharma
The United States plans to add new tariffs of 50% on copper and 200% on pharmaceuticals, U.S. President Donald Trump has said. Trump said during a cabinet meeting that the U.S. would introduce a tariff on copper, with Commerce Secretary Howard Lutnick adding that this would enter into effect by August. Pharmaceuticals will also be “tariffed at a very, very high rate” of roughly 200%, Trump said. “Today, we’re doing copper,” Trump said. “I believe the tariff on copper, we’re going to make it 50%.” “The idea is to bring copper home, bring copper production home,” Lutnick told CNBC. “Bring the ability to make copper, which is key to the industrial sector, back home to America. We need that kind of production in America, it’s important.” Copper futures rose to a record US$5.8955 per pound after these copper tariffs were announced. The Trump administration began investigating U.S. copper imports in February, and said in March that it planned to add tariffs on the metal. Citi had previously projected that the U.S. would implement a tariff of 25% on copper by the fourth quarter of 2025. Tariffs on pharmaceuticals will be imposed after giving manufacturers 12 to 18 months’ notice, according to Trump. Australian Treasu
YesterdayPolitics
Minister Starovoit fired by Putin, found dead in car
Just hours after being sacked from his post by Russia’s President Vladimir Putin, transport minister Roman Starovoit (Роман Владимирович Старовойт) has been found dead in his Tesla in Odintsovo near Moscow, with the pro-government newspaper Izvestia claiming the fatal gunshot wound was self-inflicted. While investigative teams from Russia's Main Investigative Directorate are working to determine the exact circumstances, some media outlets speculate that the former minister shot himself using an honorary pistol found alongside his body. However, there have been conflicting reports about the timing of his death, with Andrei Kartapolov, head of the State Duma Defense Committee, stating only that it occurred "quite some time ago," without elaborating further. Sanctioned by Ukraine and Western countries for his role in the war against Ukraine, Starovoit (pictured above), had served as governor of Russia's Kursk Oblast before being appointed transport minister in May 2024. The Kremlin provided no official reason for Starovoit’s sacking after barely a year in the job. However, political analysts and Russian state media believe his sacking may be connected with an investigation into corruption in the Kursk region that occur
YesterdayPolitics
American allies not immune from Trump tariff offensive
United States President Donald Trump has dramatically escalated his trade offensive against America's closest Asian allies, imposing 25% import tariffs on all goods from Japan and South Korea - part of the latest swathe of levies placed on goods from countries around the world. The punitive measures, announced via Truth Social on Monday, will take effect from 1 August and mark a significant departure from traditional U.S. alliance dynamics. At least 14 countries' imports are set to face steep blanket tariffs starting 1 August, Trump revealed Monday, with rates ranging from 25% to 40% across different nations.Credit: Donald Trump via Truth SocialThe decision to target Japan and South Korea - both crucial security partners in countering China's regional influence - underscores Trump's willingness to subordinate geopolitical considerations to his trade agenda. The tariffs would presumably provide revenues that could help offset the tax cuts he signed into law on 4 July. In the letters posted to his social media platform, Trump warned Asian leaders that retaliation would trigger an automatic escalation. "If for any reason you decide to raise your tariffs, then, whatever the number you choose to raise them by, will be ad
2 days agoPolitics
Xi, Putin absent from muted, multilateral BRICS+ meeting
The BRICS+ summit kicking off in host nation Brazil has been overshadowed by United States President Donald Trump's global tariff measures and the notable absence of two key nations' leaders. For the first time since assuming power in 2012, Chinese President Xi Jinping missed the annual BRICS gathering entirely, sending Prime Minister Li Qiang in his place. Russian President Vladimir Putin dialled in via videoconference, continuing his pattern of avoiding international travel due to the ICC arrest warrant hanging over his head. The absence of two heavyweight leaders at the Rio summit spurred questions about BRICS' ability to function as a cohesive counterweight to Western-dominated institutions.Multilateral stanceThe group's carefully worded 31-page declaration condemned rising tariffs "inconsistent with WTO rules", without naming the obvious target - Donald Trump's administration. It also criticised attacks on Iran, yet avoided mention of the U.S. or Israel. Ukraine received just a single mention despite Russia's ongoing invasion, with the bloc instead condemning "in the strongest terms" Ukrainian attacks on Russia. The BRICS bloc emerged from the wreckage of the 2008 financial crisis as a geopolitical mechanism
2 days agoPolitics
Musk: America Party 'to give you back your freedom'
Update: Tesla billionaire, Elon Musk said he will be stepping back into politics by creating the “America Party”, which he claims will give Americans their freedom back. This came just a day after Musk published a poll on his social media platform, X, asking his followers if they think he should create the America Party. Around 65% of people voted ‘Yes’ in the poll. “By a factor of 2 to 1, you want a new political party and you shall have it!” he said in a post the next day. “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy.” “Today, the America Party is formed to give you back your freedom.” It is still unclear where the party would be registered. In a post accompanying the poll, Musk said the party would just focus on “2 or 3 Senate seats and 8 to 10 House districts. “Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people,” he said. Musk was the largest donor during the 2024 presidential campaign, giving more than US$280 million throughout the cycle. The majority of the funds were given to President Donald Trump’s campaign and even spear

03 Jul 2025Politics
Republican victory: Trump's 'big, beautiful bill' passes
The United States House of Representatives has passed President Donald Trump’s ‘big beautiful bill’, delivering him a major political victory. The final vote was 218-214, with only two Republicans voting against it, alongside all of the chamber’s Democrats. The bill is being hailed as the “biggest legislative win of President Trump’s two terms”. “President Trump’s One Big, Beautiful Bill delivers on the commonsense agenda that nearly 80 million Americans voted for – the largest middle-class tax cut in history, permanent border security, massive military funding, and restoring fiscal sanity,” press secretary Karoline Leavitt said. While Leavitt claims the massive tax and spending bill will fuel an “economic boom”, the Congressional Budget Office estimates it could add US$3.3 trillion to federal deficits over the next 10 years and leave millions without health coverage. The White House disputes this forecast. The legislation barely passed the Senate on Tuesday, with JD Vance breaking the tie making it a 51-50 victory for the Republicans.Clean energy cutsThe new bill is set to take an axe to clean energy incentives, getting rid of a 30% tax credit for rooftop residential solar by the end of the year, which the Biden ad
03 Jul 2025Politics
Pakistan dangles its rare earths to avoid Trump tariffs
Pakistan is courting the United States with a bold pitch that includes rare earths, bitcoin mining potential and political flattery, in a bid to avoid looming tariffs of up to 29% and secure deeper ties with Washington. Negotiators arrived in Washington this week for talks with U.S. Trade Representative Jamieson Greer, with officials saying any agreement could include commitments to purchase cotton and soybeans, along with a "strategic and investment" partnership in the mining sector. The trade war between the U.S. and China has put rare earths to the top of the Trump administration. That's because China has imposed export restrictions on seven rare earth elements as part of escalating economic warfare with Washington, squeezing supply to the West of minerals used in weapons, electronics and consumer goods. Pakistan's pitch is to become America's alternative rare earth supplier, dangling its estimated US$8-50 trillion mineral wealth before the Trump administration. The nation's mineral portfolio reads like a critical materials shopping list: copper, gold, lithium, antimony, chromite, and rare earth elements concentrated in Balochistan province - home to Barrick Mining's Reko Diq copper-gold project. "Pakistan has
02 Jul 2025Politics
Iran open to talks after banning nuclear inspections
Iran has formally severed ties with the International Atomic Energy Agency (IAEA) following a United States-Israeli bombing campaign targeting its nuclear facilities, marking an escalation in the nuclear standoff that threatens to unravel years of diplomatic efforts. President Masoud Pezeshkian signed the suspension law on Wednesday, implementing parliament-approved legislation that blocks IAEA inspectors from accessing Iranian nuclear sites without approval from Tehran's Supreme National Security Council. The move comes as Iran's foreign minister dismissed the prospects of swift diplomatic talks with Washington following recent military strikes.Diplomatic doors stay openHowever, Iranian Foreign Minister Abbas Araghchi did signal Tehran's continued openness to negotiations in his first interview with American media since the bombings. In an interview with CBS News, Araghchi insisted that "the doors of diplomacy will never slam shut," - though he poured cold water on U.S. President Donald Trump's suggestion that talks could resume “as early as this week”. "I don't think negotiations will restart as quickly as that," Araghchi told CBS. "In order for us to decide to re-engage, we will have to first ensure that America
01 Jul 2025Politics
Wong, Rubio Quad meeting skips Defence spending talk
Australian Foreign Minister recently met with United States Secretary of State Marco Rubio on the sidelines of the Quad meetings to discuss defence. Wong told ABC News Breakfast she had made Australia’s position on exemption from U.S. President Donald Trump’s tariffs clear. "We enable US goods to enter our country tariff-free, and we continue to advocate for that US-Australia Free Trade Agreement to also be observed by the administration," she told ABC News Breakfast. This comes after the latest NATO meeting, where Washington requested that Australia increase its defence budget to 3.5% of GDP. Australian Prime Minister Anthony Albanese resisted these demands. While Australia has yet to face repercussions for these actions, Trump targeted Spain with tariff threats after it refused to increase defence spending to 5% of GDP. Despite this, Wong said the Australian defence budget wasn’t discussed in her meeting with Rubio. "What we talked about was our partnership and the ways in which we work together. We obviously talked about the AUKUS agreement and the benefits that it gives all three countries," she said. The nuclear submarine AUKUS deal is still under review by the Pentagon. Wong said she and Rubio discuss