While Trump gave Australia the minimum baseline tariff rate of 10 per cent, the fallout for the nation is expected to be wider-reaching as the biggest Asian buyers of its natural resources, particularly China, face much higher US tariffs amid an already sluggish time for their economies.
Loading
BHP on Tuesday described the outlook as “mixed” and the economic environment as “volatile”, but pointed to resilient demand for commodities, particularly in China and india.
“Policy uncertainty, particularly around tariffs, fiscal policy, monetary easing, and industrial policy, has been elevated and continues to influence investment and trade flows,” the company said. “Despite these dynamics, commodity demand remained resilient.”
Demand for copper was stronger than expected across the year, driving prices for the metal higher.
BHP has been pushing to boost BHP’s exposure to what it terms “future-facing” commodities, particularly copper, a material the world needs much more of as a critical building block for renewable energy, transmission lines and electric cars.
Copper accounted for 45 per cent of BHP’s underlying pre-tax earnings in the 12 months to June. The company said its copper production had increased 28 per cent over the past three years.
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
- For more: Elrisala website and for social networking, you can follow us on Facebook
- Source of information and images “brisbanetimes”“
