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Australia’s left-leaning Prime Minister Anthony Albanese triumphed Saturday in national elections, crushing his conservative rival in a contest swayed by economic upheaval and US President Donald Trump. Albanese’s slow-but-steady leadership resonated at a time of global tumult, analysts said, with voters deserting hard-nosed opposition leader Peter Dutton in droves.Not only was Albanese’s Labor Party on track for an unexpectedly large parliamentary majority, but former police officer Dutton endured the rare humiliation of losing his seat. Projections by national broadcaster ABC pointed to a landslide, with Labor taking 85 seats so far in the 150-member parliament. Dutton’s coalition had 41, other parties nine, and another 15 were in doubt.”Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all,” Albanese told a raucous crowd in his victory speech.”In this time of global uncertainty, Australians have chosen optimism and determination.”Elated Labor supporters swigged craft beers emblazoned with Albanese’s face at an election party in Sydney, chanting his “Albo” nickname as results were declared on television. Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system.  Dutton wanted to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power.Trump cast a shadow over the six-week election campaign, sparking keen global interest in whether his tariff-induced economic chaos would influence the result.Congratulations for Albanese came from US Secretary of State Marco Rubio, who called Australia a “valued ally, partner, and friend of the United States”.Sydney politics lecturer Henry Maher told AFP that “in times of instability, we expect people to go back to a kind of steady incumbent”.Dutton’s policy to slash the public service rankled many as similar cuts, led by billionaire Trump advisor Elon Musk, brought chaos in the United States. His flagship proposal to dot Australia with nuclear reactors was also widely seen as a liability.”Our government will choose the Australian way,” Albanese said late Saturday. “We do not need to beg, or borrow, or copy from anywhere else. We do not seek our inspiration from overseas.”- ‘Mad as a cut snake’ -Hungry voters munched on barbecued “democracy sausages” after casting ballots — a polling day rite of passage — while others in bright swimwear crammed into voting booths after taking an early morning plunge.Before the first vote was even counted, speculation was mounting over whether Dutton could survive an election loss.”We didn’t do well enough during this campaign. That much is obvious tonight and I accept full responsibility,” Dutton told supporters in a concession speech.Some pre-vote polls showed Dutton leaking support because of Trump, whom he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” voter Alan Whitman, 59, said before casting his ballot. “And we’ve got to tiptoe around that.”Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts above 90 percent.- High prices -As Australians soured on Trump, both Dutton and Albanese took on more pugnacious tones. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”, while Dutton said in April he would “in a heartbeat” fight any world leader, including Trump, to advance Australia’s interests.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment… Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.- Campaign stumbles -Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.The 36-day campaign was a largely staid affair but there were moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.Rubio said that Washington hoped to “advance our common interests and promote freedom and stability in the Indo-Pacific and globally” — sentiments echoed by European Commission President Ursula von der Leyen and Indian Prime Minister Narendra Modi.An unnamed Chinese foreign ministry spokesperson said Beijing was “ready to work” with Australia’s new government to further a “more mature, stable and productive” partnership, according to state news agency Xinhua.Ukrainian President Volodymyr Zelensky said Kyiv “sincerely values Australia’s unwavering support and its principled stance on ending Russia’s war”.

Australia’s left-leaning Prime Minister Anthony Albanese triumphed Saturday in national elections, crushing his conservative rival in a contest swayed by economic upheaval and Donald Trump. Albanese’s slow-but-steady leadership resonated at a time of global tumult, analysts said, with voters deserting hard-nosed opposition leader Peter Dutton in droves.Not only was Albanese’s Labor Party on track for an unexpectedly large parliamentary majority, but former police officer Dutton endured the rare humiliation of losing his seat. Projections by national broadcaster ABC pointed to a landslide, with Labor taking 85 seats so far in the 150-member parliament. Dutton’s coalition had 41, other parties nine, and another 15 were in doubt.”Today the Australian people have voted for Australian values. For fairness, aspiration and opportunity for all,” Labor leader Albanese told a raucous crowd in his victory speech.”In this time of global uncertainty, Australians have chosen optimism and determination,” he added.Elated Labor supporters swigged craft beers emblazoned with Albanese’s face at an election party in Sydney, chanting his “Albo” nickname as results were declared on TV. Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system.  Dutton wanted to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power.US President Trump cast a long shadow over the six-week election campaign, sparking keen global interest in whether his tariff-induced economic chaos would influence the result.Congratulations for Albanese came from US Secretary of State Marco Rubio, who called Australia a “valued ally, partner, and friend of the United States”.Sydney politics lecturer Henry Maher told AFP that “in times of instability, we expect people to go back to a kind of steady incumbent”.Dutton’s policy to slash the public service rankled many as similar cuts, led by Elon Musk, brought chaos in the United States. His flagship proposal to dot the country with nuclear reactors was also widely seen as a liability.”Our government will choose the Australian way,” Albanese said on Saturday night. “We do not need to beg, or borrow, or copy from anywhere else. We do not seek our inspiration from overseas.”- ‘Mad as a cut snake’ -Hungry voters munched on barbecued “democracy sausages” after casting their ballot — a polling day rite of passage — while others in bright swimwear crammed into voting booths after taking an early morning plunge.Before the first vote was even counted, speculation was already mounting over whether Dutton could survive an election loss.”We didn’t do well enough during this campaign. That much is obvious tonight and I accept full responsibility,” Dutton told supporters in a concession speech.Some pre-vote polls showed Dutton leaking support because of Trump, who he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” said voter Alan Whitman, 59, before casting his ballot on Saturday. “And we’ve got to tiptoe around that.”Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts that top 90 percent.- High prices -As Australians soured on Trump, both Dutton and Albanese took on a more pugnacious tone. “If I needed to have a fight with Donald Trump or any other world leader, to advance our nation’s interest, I’d do it in a heartbeat,” Dutton said in April. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment. So, taxes as well, is also another really big thing. Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.- Campaign stumbles -Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.The 36-day campaign was a largely staid affair but there were a few moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.Rubio said that Washington “looks forward to deepening its relationship with Australia to advance our common interests and promote freedom and stability in the Indo-Pacific and globally.”This was echoed by European Commission President Ursula von der Leyen and by India Prime Minister Narendra Modi, who said he was keen to “advance our shared vision for peace, stability and prosperity in the Indo-Pacific”.Ukrainian President Volodymyr Zelensky said Kyiv “sincerely values Australia’s unwavering support and its principled stance on ending Russia’s war”.

Australians voted Saturday in a general election shaped by inflation woes and Trump tariffs, with a string of polls pointing to victory for left-leaning incumbent Prime Minister Anthony Albanese. Hungry voters munched on barbecued “democracy sausages” after casting their ballot — a polling day rite of passage — while others in bright swimwear crammed into booths after taking an early morning plunge.Millions of Australians will choose between Labor leader Albanese, 62, or his conservative challenger Peter Dutton. US President Donald Trump has loomed over the vote since its earliest days, and there is keen global interest in whether his tariff-induced economic chaos will influence the result.  “The holy grail is back-to-back wins that we’re aiming for today,” Albanese told Channel Seven. “I’ll leave nothing on the field over the next three years if I’m re-elected as Australia’s prime minister.”Though trailing by a few percentage points in the polls, Dutton said “quiet Australians” could yet deliver a surprise.”I think they’re going to go into the polling booth and say: ‘You know what? I am not going to reward Anthony Albanese for the last three years’,” he told Channel Nine.- ‘Mad as a cut snake’ -Before the first vote was even counted, speculation was already mounting over whether Dutton could survive an election loss.”I am 54. I am still very young, and I’ve just got a burning passion for this country,” Dutton replied, when asked if he would stay on as opposition leader. The first polls opened at 8:00 am (2200 GMT) on Australia’s east coast, followed later by the country’s western cities and far-flung island territories.A total of 18.1 million voters have enrolled for the election. About half of them cast an early ballot, the election authority said.Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts that top 90 percent.A result could come as soon as Saturday night, unless the vote is very tight.Albanese has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system. Liberal Party leader and former police officer Dutton wants to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power. Some polls showed Dutton leaking support because of Trump, who he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” said voter Alan Whitman, 59, before casting his ballot on Saturday. “And we’ve got to tiptoe around that.”- High prices -As Australians soured on Trump, both Dutton and Albanese have taken on a more pugnacious tone. “If I needed to have a fight with Donald Trump or any other world leader, to advance our nation’s interest, I’d do it in a heartbeat,” Dutton said in April. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment. So, taxes as well, is also another really big thing. Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.Small business owner Jared Bell had similar concerns.”Our grocery shops are definitely way more expensive than they were a couple years ago,” he said.- Campaign stumbles -Coal-mining superpower Australia will choose between two leaders with sharply contrasting ideas on climate change and emissions reduction. Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.Dutton’s signature policy is a US$200 billion scheme to construct seven industrial-scale nuclear reactors, doing away with the need to ramp up renewables.The 36-day campaign was a largely staid affair but there were a few moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.

Japan’s annual “Golden Week” holiday period gets into full swing Saturday, but inflation and hotel prices sent soaring by record inbound tourism have left domestic travellers less eager to pack their bags.Traditionally, Golden Week — which includes three consecutive public holidays — gives Japanese workers one of their longest breaks in the year, with many taking the opportunity to see other parts of Japan or to travel abroad. But this year consumers in the world’s fourth-largest economy are feeling the pain of rising prices for everything from cabbage and rice to electricity bills. The Japanese yen has lost around a third of its value since 2022, one factor behind the record number of foreign tourists also lured by the country’s numerous attractions from Mount Fuji’s majestic slopes to shrines and sushi bars. The inflow of tourists has sent demand for hotel bookings spiralling upward, with the room rate in Japan’s five major cities around 16 percent more expensive at the onset of this year’s Golden Week than last year, according to a survey from the business daily Nikkei.All this has translated into a tepid desire among Japanese residents to travel for this year’s Golden Week, surveys have shown. The latter part of the holiday period began Saturday and lasts until Tuesday.”The biggest reason seems to be the inflation that has curtailed their willingness to spend lavishly”, Atsushi Tanaka, a tourism studies professor at Yamanashi University, told AFP.”Because the inbound tourism is booming so much, hotel operators don’t need to lower their accommodation prices, which is making it harder for Japanese people to travel,” Tanaka added.- ‘Financial burdens’ -A poll by major travel agency JTB showed last month that 20.9 percent of its respondents will or “probably” will go on a trip during Golden Week, down 5.6 percent from last year.Another survey by marketing research firm Intage similarly found last month that the percentage of those planning to travel domestically during the holiday period dipped by two percent from a year earlier to 13.6 percent.While factors like a desire to avoid crowds are also at play, “the tendency to refrain from going out due to financial burdens” seems to be growing, Intage said.  When it comes to travelling abroad, that is verging on being an “unattainable luxury”, it said.  The same study, however, showed the average budget for Golden Week outings this year has edged up to $201 from $192, underscoring holidaymakers’ acceptance of the status quo.  “It shows they are resigned to the fact that it just costs them more this year to do anything,” Intage’s Motohiro Shimogawara told AFP. Japan logged more than 36.8 million tourist arrivals in 2024, topping 2019’s record of nearly 32 million. The government has set an ambitious target of almost doubling tourist numbers to 60 million annually by 2030.But as in other global tourist magnets like Venice in Italy, there has been growing pushback from residents against overtourism.  Residents and authorities in Japanese tourist hotspots, from tradition-steeped Kyoto to towns near the majestic Mount Fuji, are increasingly voicing frustration about overcrowding, traffic violations and bad behaviour by some visitors. 

Millions of Australians voted Saturday in a bitterly contested general election, following a campaign shaped by living costs, climate anxiety and US President Donald Trump’s tariffs.From dusty desert towns to sun-splashed harbour cities, voters are choosing between left-leaning incumbent Prime Minister Anthony Albanese and conservative challenger Peter Dutton.The almost universal consensus across a slew of opinion polls leading up to election day was that Albanese’s governing Labor Party would win a second term. “The holy grail is back-to-back wins that we’re aiming for today,” Albanese told Channel Seven. “I’ll leave nothing on the field over the next three years if I’m re-elected as Australia’s prime minister.”Though trailing by a few percentage points in the polls, Dutton said “quiet Australians” could yet deliver a surprise.”I think they’re going to go into the polling booth and say: ‘You know what? I am not going to reward Anthony Albanese for the last three years’,” he told Channel Nine.Asked if he would remain opposition leader if he loses, Dutton said he was only talking about winning, but added: “I am 54. I am still very young, and I’ve just got a burning passion for this country.”- Trump slump -The first polls opened at 8:00 am (2200 GMT) on Australia’s east coast, followed later by the country’s western cities and far-flung island territories.A total of 18.1 million voters have enrolled for the election. More than a third of them have cast an early ballot, the election authority said.Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts that top 90 percent.A result could come as soon as Saturday night, unless the vote is very tight.Albanese, 62, has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system. Liberal Party leader and former police officer Dutton wants to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power. Some polls showed Dutton leaking support because of Trump, who he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” said voter Alan Whitman, 59, before casting his ballot on Saturday. “And we’ve got to tiptoe around that.”- High prices -As Australians soured on Trump, both Dutton and Albanese took on a more pugnacious tone. “If I needed to have a fight with Donald Trump or any other world leader, to advance our nation’s interest, I’d do it in a heartbeat,” Dutton said in April. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment. So, taxes as well, is also another really big thing. Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.Small business owner Jared Bell had similar concerns.”Our grocery shops are definitely way more expensive than they were a couple years ago,” he said.- Campaign stumbles -Coal-mining superpower Australia will choose between two leaders with sharply contrasting ideas on climate change and emissions reduction. Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.Dutton’s signature policy is a US$200 billion scheme to construct seven industrial-scale nuclear reactors, doing away with the need to ramp up renewables.The 36-day campaign was a largely staid affair but there were a few moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.It remains to be seen whether Albanese or Dutton will command an outright majority, or whether they are forced to cobble together a coalition with the support of minor parties.Polls have suggested 10 or more unaligned crossbenchers could hold the balance of power — making a rare minority government a distinct possibility.

Australians began voting Saturday in a bitterly contested general election, deciding a contest shaped by living costs, climate anxiety and US President Donald Trump’s tariffs.From dusty desert towns to sun-splashed harbour cities, millions of Australians will choose between left-leaning incumbent Prime Minister Anthony Albanese and conservative challenger Peter Dutton.The almost universal consensus across a slew of opinion polls leading up to election day was that Albanese’s governing Labor Party would win a second term. “I’ll leave nothing on the field over the next three years if I’m re-elected as Australia’s prime minister,” Albanese told Channel Seven on Saturday morning. “I’m hopeful that we receive a majority government today so that we can build on the foundations that we’ve laid. Australia has turned the corner.”The first polls opened at 8:00 am (2200 GMT) on Australia’s east coast, to be followed later by the country’s western cities and far-flung island territories.A total of 18.1 million voters have enrolled for the election. More than a third of them have cast an early ballot, the election authority said.Voting is compulsory, enforced with fines of Aus$20 (US$13), leading to turnouts that top 90 percent.A result could come as soon as Saturday night, unless the vote is very tight.Albanese, 62, has promised to embrace renewable energy, tackle a worsening housing crisis, and pour money into a creaking healthcare system. – Trump slump -Liberal Party leader and former police officer Dutton, 54, wants to slash immigration, crack down on crime and ditch a longstanding ban on nuclear power. Some polls showed Dutton leaking support because of US President Trump, who he praised this year as a “big thinker” with “gravitas” on the global stage. “I mean, Donald Trump is as mad as a cut snake, and we all know that,” said voter Alan Whitman, 59, before casting his ballot on Saturday. “And we’ve got to tiptoe around that.”As Australians soured on Trump, both Dutton and Albanese took on a more pugnacious tone. “If I needed to have a fight with Donald Trump or any other world leader, to advance our nation’s interest, I’d do it in a heartbeat,” Dutton said in April. Albanese condemned Trump’s tariffs as an act of “economic self-harm” and “not the act of a friend”.Economic concerns have dominated the contest for the many Australian households struggling to pay inflated prices for milk, bread, power and petrol. “The cost of living — it’s extremely high at the moment. So, taxes as well, is also another really big thing. Petrol prices, all the basic stuff,” human resources manager Robyn Knox told AFP in Brisbane.Small business owner Jared Bell had similar concerns.”Our grocery shops are definitely way more expensive than they were a couple years ago,” he said.- Campaign stumbles -Both Albanese and Dutton tried to tout themselves as men of the people but were stumped when asked the price of eggs in a nationally televised debate. Coal-mining superpower Australia will choose between two leaders with sharply contrasting ideas on climate change and emissions reduction. Albanese’s government has embraced the global push towards decarbonisation, warning of a future in which iron ore and polluting coal exports no longer prop up the economy.Dutton’s signature policy is a US$200 billion scheme to construct seven industrial-scale nuclear reactors, doing away with the need to ramp up renewables.The 36-day campaign was a largely staid affair but there were a few moments of unscripted levity.Albanese tumbled backwards off the stage at a heaving campaign rally, while Dutton drew blood when he hit an unsuspecting cameraman in the head with a stray football.It remains to be seen whether Albanese or Dutton will command an outright majority, or whether they are forced to cobble together a coalition with the support of minor parties.Growing disenchantment among voters has emboldened independents pushing for greater transparency and climate progress.Polls have suggested 10 or more unaligned crossbenchers could hold the balance of power — making a rare minority government a distinct possibility.

Global stock markets rose on Friday following a solid US jobs report as investors greeted positive signs on the US-China trade war. Data showed that US hiring slowed much less than expected last month, with the world’s largest economy adding 177,000 jobs.European equities and US stocks both jumped following the release of the data. The broad-based S&P 500 finished at 5,686.67, up 1.4 percent for the day and 2.9 percent for the week.”The April jobs report may reassure investors that the labor market is holding up, giving them more confidence that the economy can hold up too,” said Bret Kenwell, analyst at trading platform eToro.Tom Cahill of Ventura Wealth Management described Friday’s job report as corroborating most of the data earlier in a week jammed with key economic indicators. Despite a disappointing GDP report, US consumption data was solid while inflation data was benign.”The news this week was on the bullish side when you add it all up,” Cahill said.Meanwhile, China’s commerce ministry on Friday said it was evaluating a US offer for negotiations on tariffs, but insisted Washington must be ready to scrap levies that have roiled global markets and supply chains.President Donald Trump’s levies reached 145 percent on many Chinese products in April, while Beijing has responded with fresh 125-percent duties on imports from the United States.Trump has repeatedly claimed that China has reached out for talks on the tariffs, and this week said he believed there was a “very good chance we’re going to make a deal”.Deutsche Bank managing director Jim Reid said the Chinese statement “is outweighing concerns about the effect of tariffs, which were initially triggered by disappointing earnings from Apple and Amazon.”US tech giants Apple and Amazon both reported disappointing outlooks, as tariffs knock business confidence, after markets closed on Thursday.In Europe, Paris and Frankfurt rose over two percent as markets brushed off official data showing eurozone inflation remained unchanged at slightly above the European Central Bank’s two-percent target.London also gained ground, with mining and commodity stocks — sensitive to Chinese demand — performing particularly well amid optimism for potential China-US talks, according to analysts.In Asia on Friday, Hong Kong was up more than 1.7 percent at the close, while Tokyo rose one percent.Japan’s envoy for US tariff talks said in Washington on Thursday that a second round of negotiations between the two countries had been “frank and constructive.”The Bank of Japan warned earlier that tariffs were fuelling global economic uncertainty and lowered its growth forecasts while keeping its key interest rate steady.- Key figures at around 2040 GMT -New York – Dow: UP 1.4 percent at 41,317.43 (close)New York – S&P 500: UP 1.5 percent at 5,686.67 (close)New York – Nasdaq Composite: UP 1.5 percent at 17,977.73 (close)London – FTSE 100: UP 1.2 percent at 8,596.35 (close)Paris – CAC 40: UP 2.3 percent at 7,770.48 (close)Frankfurt – DAX: UP 2.6 percent at 23,086.65 (close)Tokyo – Nikkei 225: UP 1.0 percent at 36,830.69 (close)Hong Kong – Hang Seng Index: UP 1.7 percent at 22,504.68 (close)Shanghai – Composite: closed for holidayEuro/dollar: UP at $1.1299 from $1.1290 on ThursdayPound/dollar: DOWN at $1.3268 from $1.3278Dollar/yen: DOWN at 144.97 yen from 145.39 yenEuro/pound: UP at 85.14 pence from 85.04 penceWest Texas Intermediate: DOWN 1.6 percent at $58.29 per barrelBrent North Sea Crude: DOWN 1.4 percent at $61.29 per barrelburs-jmb/dw

The United States on Friday ended a tariff exemption for goods shipped from China worth less than $800, dealing a major blow to popular e-commerce sites such as Shein and Temu, whose cheap items consumers have come to rely on.The decision was announced last month, with the White House calling it a “critical step in countering the ongoing health emergency posed by the illicit flow of synthetic opioids” from China to the United States.Starting on Friday, goods shipped commercially will now be subject to new tariffs of 145 percent — the current level of levies imposed on goods coming from China.Items sent through the US Postal Service will be hit with duties of 120 percent of their value, or a $100, which will increase to $200 next month. The elimination of the ‘de minimis’ exemption now subjects even low-value imports to tariffs,” EY chief economist Gregory Daco wrote in a recent note to clients, adding it would squeeze “already-thin margins and driving up end prices.”The measures mark the latest salvo in a burgeoning trade war between the United States and China — the world’s two largest economies.The White House has also slapped additional levies of 25 percent on several sectors including automobiles, steel and aluminum from China.Beijing retaliated with sweeping 125 percent levies on US imports. Most other US trading partners face a baseline tariff of 10 percent, except for Mexico and Canada which face a higher 25 percent tariff on goods not covered by a current North America free-trade deal. The move threatens to hammer the business model of several large firms that ship cheap goods from China — including fast-fashion titans Shein and Temu.However, Chinese e-commerce sites listed on the New York Stock Exchange were largely in the green on Friday, most likely reflecting optimism about trade negotiations between Beijing and Washington, and the fact that many of these changes were already priced into the financial markets.At around 14:40 GMT, PDD, owner of Temu, was up 3.7 percent, while Alibaba was up around 4.0 percent.The Financial Times reported earlier this week that Shein was postponing a long-standing plan to list on public stock markets in London due to the looming de minimis changes.Trump first floated cancelling the exemption in February before backtracking after the move caused logistical disruptions.At the time, Beijing accused the United States of “politicizing trade and economic issues and using them as tools.”burs-da/des

Former policeman Peter Dutton, the rival for the Australian prime minister’s job in Saturday’s election, is a self-professed sceptic of the rush to replace fossil fuels with renewable energy. The 54-year-old leader of the conservative Liberal Party has attacked centre-left Prime Minister Anthony Albanese’s “weak leadership” at a time of rising prices.Dutton — the son of a bricklayer and himself a former Queensland drug squad detective — accuses the government of mismanaging the economy, being weak on defence, and backing a “divisive”, failed referendum on Indigenous peoples’ rights.But one of his starkest policy disagreements with the government is over how to tackle climate change.He has criticised the scale of Albanese’s plans to boost solar and wind-driven electricity to slash Australia’s carbon emissions.Dutton wants to ramp up gas production and overturn a quarter-century ban on nuclear power with a US$200 billion scheme to construct seven industrial-scale nuclear reactors.”The renewables-only energy policy is a wrecking ball through the economy and it’s driving up the cost of food, the cost of everything when you go to the supermarket,” he said this week.Dutton — who has run defence and home affairs in previous conservative administrations — had to apologise in 2015 after a quip about the threat climate change poses to the Pacific was picked up by a microphone.”Time doesn’t mean anything when you’re about to be, you know, have water lapping at your door,” Dutton was caught saying.It is not the only time his rhetoric has caused controversy.- ‘Gang violence’ -In 2018, Dutton claimed people in Melbourne were “scared to go out to restaurants” because of “African gang violence”.As immigration minister for nearly four years from 2017, Dutton oversaw the country’s widely criticised offshore detention regime.After being chosen as opposition leader in 2022, Dutton expressed regret for boycotting a 2008 national apology to Aboriginal Australians forcibly separated from their families as children.At the time he had failed to grasp the “symbolic significance”, he said.US President Donald Trump — who Dutton raised earlier this year as a “big thinker” with “gravitas” on the global stage — became a surprise challenge to his campaign.Some polls suggested Dutton’s polling took a hit after Trump slapped 10-percent trade tariffs on Australia.The opposition leader reassured voters he would stand up for Australia. “If I needed to have a fight with Donald Trump or any other world leader, to advance our nation’s interest, I’d do it in a heartbeat,” he said.Dutton — the married father of three adult children, Rebecca, Harry and Tom — speaks with pride of his blue-collar roots.”I was born into an outer suburbs working-class family — mum and dad, a secretary and bricklayer, didn’t have much money, but they worked every day of their life,” he told party members.Dutton said he worked after school delivering papers, mowing lawns and working in a butcher’s shop.Saving enough money to buy a house at the age of 19 was “one of my proudest achievements”.

European and Asian markets rose on Friday, tracking Wall Street gains, as China said it was considering a US offer to negotiate steep tariffs.US markets had forged higher Thursday following strong results from tech giants Microsoft and Meta that helped offset lingering economic worries.”Equity markets are largely rising this morning boosted by the positive overnight performance on Wall Street amid China’s openness to trade negotiations,” said Deutsche Bank managing director Jim Reid. “This is outweighing concerns about the effect of tariffs, which were initially triggered by disappointing earnings from Apple and Amazon,” he added.US giants Apple and Amazon both reported disappointing outlooks, as tariffs knock business confidence, after markets closed on Thursday.In Europe, Paris and Frankfurt rose over one percent after the public holiday, as markets brushed off official data showing eurozone inflation remained unchanged at slightly above the European Central Bank’s two-percent target.London also gained, with mining and commodity stocks — sensitive to Chinese demand — performing particularly well amid optimism for potential China-US talks, according to analysts.China’s commerce ministry on Friday said it was evaluating a US offer for negotiations on tariffs, but insisted Washington must be ready to scrap levies that have roiled global markets and supply chains.President Donald Trump’s levies reached 145 percent on many Chinese products in April, while Beijing has responded with fresh 125 percent duties on imports from the United States.Trump has repeatedly claimed that China has reached out for talks on the tariffs, and this week said he believed there was a “very good chance we’re going to make a deal”.Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.For further signs of the impact of the trade war on the economy, traders are awaiting Friday’s US jobs data for April. The closely-watched indictor will also be pored over for indications of the US central bank’s path for interest rates.In Asia on Friday, Hong Kong was up more than 1.7 percent at the close, while Tokyo rose one percent.Mainland Chinese markets were closed for a holiday.Japan’s envoy for US tariff talks said in Washington on Thursday that a second round of negotiations between the two countries had been “frank and constructive”.The Bank of Japan warned earlier that tariffs were fuelling global economic uncertainty and revised down its growth forecasts while keeping its key interest rate steady.In company news, oil majors ExxonMobil and Shell reported lower profit on weaker crude prices. But Shell managed to be one of the biggest risers in London on Friday as it pushed ahead with shareholder returns.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.7 percent at 8,559.50 pointsParis – CAC 40: UP 1.6 percent at 7,713.90Frankfurt – DAX: UP 1.7 percent at 22,872.80Tokyo – Nikkei 225: UP 1.0 percent at 36,830.69 (close)Hong Kong – Hang Seng Index: UP 1.7 percent at 22,504.68 (close)Shanghai – Composite: closed for holidayNew York – Dow: UP 0.2 percent at 40,752.96 (close)Euro/dollar: UP at $1.1333 from $1.1289 on ThursdayPound/dollar: UP at $1.3292 from $1.3277Dollar/yen: DOWN at 144.67 yen from 145.44 yenEuro/pound: UP at 85.26 pence from 85.02 penceWest Texas Intermediate: DOWN 0.6 percent at $58.90 per barrelBrent North Sea Crude: DOWN 0.5 percent at $61.83 per barrelburs-ajb/rl