Japan, a key US ally in the Pacific and top trading partner, was whacked with a 24 per cent tariff. Ishiba said he told Trump this was disappointing as Japan “has been the biggest investor in the United States for five straight years and the tariff policies could hurt Japanese companies’ investment capabilities”.
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Trump implored investors not to panic and urged nervous Republicans to be patient, posting “Don’t be a PANICAN (A new party based on Weak and Stupid people!)”
On Fox News, Republican Senator John Barrasso from the cattle state of Wyoming said ranchers were thanking the president for taking action on their long-standing trade grievances against countries such as Australia and Thailand.
“Australia has sold $US29 billion ($48 billion) worth of beef in the United States, and we haven’t been able to sell one hamburger in Australia because of barriers,” Barrasso said. “You look at these numbers, and the ranchers of Wyoming are saying: thank you, Mr President, it is about time.”
Trump broadcast those remarks from his TruthSocial account.
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Australia does not strictly ban US beef. Since 2019, American beef can be imported into Australia as long as it is verifiably from cattle born, raised and slaughtered in the US. But the US integrates beef sourced from Mexico or Canada, and wants that included in the deal.
For years, Australian officials have argued the US should implement a certification system that would allow explicitly American beef into Australia.
Prime Minister Anthony Albanese has repeatedly said Australia will not compromise on biosecurity, most recently at weekend rally in Brisbane. Coalition home affairs spokesman James Paterson also said Australia should stand firm.
“We really think it is a self-harming initiative by the United States to put a tariff on Australian high-quality beef,” he told Sky News.
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In a note to shareholders on Monday, JPMorgan Chase chief executive Jamie Dimon warned Trump’s tariff agenda would add to a raft of inflationary pressures and increase prices for consumers.
“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” he wrote. “The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse.”
Dimon said he hoped negotiations would deliver benefits to the US in the long term. “In the short run, I see this as one large additional straw on the camel’s back … My most serious concern is how this will affect America’s long-term economic alliances.”
