Australian news and politics live: BHP, Rio Tinto to be hit by Donald Trump’s 50 per cent copper tariffs

US President Donald Trump has announced he will reveal at least seven more countries targeted for new trade measures on Wednesday US time, with additional nations to be named later in the day.

The move comes as part of Mr Trump’s aggressive push to secure what he calls “fair and reciprocal” trade, following a wave of tariff threats against 14 countries earlier this week., including Japan and South Korea.

In a post on Truth Social, Mr Trump said: “We will be releasing a minimum of 7 countries having to do with trade, tomorrow morning, with an additional number of countries being released in the afternoon.”

The White House recently extended the deadline for higher tariffs to August 1, giving countries a final window to negotiate deals or face new duties of up to 40 percent.

Australia’s mining giants BHP and Rio Tinto are set to be impacted by a new 50 per cent tariff on copper imports announced by US President Donald Trump, as part of what he says is a broader push to boost American manufacturing.

The tariff, which could take effect this month or on August 1, comes as copper prices surged to record highs in New York following Mr Trump’s comments.

While Australia sends little copper directly to the US, less than one per cent of its total copper exports, both companies could see a direct impact from their global operations, including the Escondida mine in Chile.

Mr Trump also flagged a possible 200 per cent tariff on pharmaceuticals, saying companies would have about a year to adjust before the levy is imposed.

Treasurer Jim Chalmers said Australia’s copper exports to the US are “actually quite small” but warned that the pharmaceutical sector is much more exposed to the American market.

Qantas has revealed the scope of the cyberattack on a third-party call centre last week,and has confirmed that 5.7 million customers were affected.

After removing duplicate records, the airline’s cyber experts found 1.2 million customers’ details were limited to name, and email address, with another 2.8 million included those details plus the frequent flyer number, including tier.

A small subset had points balances and status credit details.

The remaining 1.7 million customers had far more details stolen in the attack, with the airline confirming that 1.3 million customers’ residential or businesses addresses were included in the data breach, although for some they were hotel addresses for lost luggage delivery.

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Environment Minister Murray Watt will travel to the UNESCO headquarters in Paris this week to join a delegation Murujuga Aboriginal Corporation to bid for world heritage listing.

The delegation argues the culturally significant Murujuga rock art near Woodside’s North West Shelf gas project should be added to the World Heritage List.

Their trip comes after a draft decision issued earlier this year recommended Australia block any further industrial development near the Murujuga Cultural Landscape.

“It is a great privilege to support the Traditional Owners and Custodians of Murujuga in their efforts to have this globally significant cultural landscape included on the World Heritage List,” he said.

The UNESCO Committee will also consider formalising the renaming Fraser Island to K’gari and hear updates on other iconic Australian sites like the Great Barrier Reef and Gondwana Rainforests.

Treasurer Jim Chalmers has aknowledged that there will be millions of Australians around the country who were desperately hoping for more rate relief today after the the Reserve Bank’s decision to keep interest rates on hold at 3.85 per cent.

“I think there are good reasons why Treasurers don’t make predictions about movements in interest rates, and I don’t predict them. I don’t preempt them, I don’t second guess decisions once they’re taken. I think it’s certainly the case that the market was surprised,” he told ABC RN.

“I think certainly economists were surprised by the outcome, and I think it’s fair to say as well that there were millions of people who were hoping for more rate relief yesterday and didn’t get it.

“We’ve helped Australians with the cost of living in the most responsible way that we can. And that’s why we’re seeing inflation come down so substantially and now in a sustained way, and it’s also why that’s given the Reserve Bank the confidence to cut interest rates twice in the course of the last five months.”

Treasurer Jim Chalmers has described US President Donald Trump’s threats of a 200 per cent tariff on foreign pharmaceuticals and a 50 per cent tariff on copper as “very concerning developments,” saying the Australian government is urgently seeking more detail.

“Our pharmaceuticals industry is much more exposed to the US market, and that’s why we’re seeking, urgently seeking, some more detail on what’s been announced. But I want to make it really clear once again, as we have on a number of occasions before, our pharmaceutical benefits scheme is not something that (we are) willing to trade away,” Dr Chalmers said while speaking on ABC RN.

“We see the PBS as a fundamental part of healthcare in Australia. We’ll work through the announcement out of the US overnight. They’re obviously very concerning developments.

“We are talking about billions of dollars of exports to the US when it comes to pharmaceuticals. So we’ll work through it in a methodical way, but we make it clear once again, as we have on a number of occasions in recent months, that the PBS is not on the table.”

US President Donald Trump has indicated a potential 200 per cent tariff on pharmaceuticals, which are among Australia’s largest exports to the US.

However, he said manufacturers would be given time to relocate production to America to avoid the tariff.

The US president also mentioned that copper could face a 50 per cent tariff.

Speaking to reporters before a cabinet meeting, Mr Trump said drug manufacturers would receive a grace period to move their operations to the US.

“We’re going to give (drug manufacturers) about a year, a year and a half to come in, and after that, they’re going to be tariffed,” he said.

Read the full story here.

As digital payments rise, Australia plans to mandate cash acceptance for essential goods and services starting in 2026. Currently, businesses can refuse cash, but that will soon change.

It comes as the New Zealand First party introduced a bill requiring businesses to accept cash payments for purchases under NZ$500.

Housing Minister Clare O’Neil says “that’s something that the Government is actually looking at at the moment. The Treasurer announced we’re going to mandate that businesses across the country for essential goods and services do need to continue to accept cash,” while speaking to Sunrise.

“The Government absolutely recognises for lots of Australians it’s important to them. We see a lot of elderly people who for them cash is their mainstay.”

“It’s important we operate in an economy where people have choices. We’re looking at the exact implementation of this at the moment. We think cash is actually still really important.”

Housing Minister Clare O’Neil has acknowledged the disappointment felt by millions of Australians after the Reserve Bank’s surprise decision to keep interest rates on hold at 3.85 per cent.

“Millions of Australians were hoping for a rate cut yesterday and as you say, that is very much what all of were predicting. But the RBA has chosen to keep rates on hold. What the RBA told us yesterday is this is about pace not direction. The RBA has already cut interest rates twice this year and kind of indicating that they want to keep moving on that but they’re being very cautious,” she told Sunrise on Wednesday.

Ms O’Neil stressed that the government’s main focus remains easing cost-of-living pressures, highlighting new supports like increased childcare benefits, bill supplements, and wage rises for minimum wage earners. She added,

“It shows we’re over the worst of the cost of living issues facing the country but we’ve still got a long way to go. The Government is firmly focused on that task.”

“I want my community and people around the country not to be struggling in the way they are, so of course I was hoping for an interest rate decrease from the Reserve Bank, but we are very respectful of the independence of this institution. There’s a good reason we don’t put politicians in charge of setting interest rates.”