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Australia news live: Coalition opposes Trump’s ‘shocking but unsurprising’ 100% tariffs on pharmaceuticals | Australia news

Coalition opposes ‘shocking but unsurprising’ tariffs on pharmaceuticals

Krishani Dhanji

The Trump administration’s move to impose 100% tariffs on pharmaceuticals is “shocking but unsurprising”, says the Coalition, opposing the decision.

In a statement, the opposition says it will help the government to protect Australia’s pharmaceutical sector and pharmaceutical benefits scheme.

The tariffs are due to take effect on 1 October, with the prime minister, Anthony Albanese, set to hold a face to face meeting with Donald Trump at the White House on 20 October.

Despite the meeting being now locked in, the Coalition takes a swipe at Albanese in its statement, and says that a direct relationship with the US president is “critical”.

It is deeply concerning that Australian pharmaceutical exporters will be subject to harmful tariff arrangements from 1 October. The 100% tariff announced today puts this critical trade at risk …

This is a shocking but unsurprising development and it is moments like this when a strong direct relationship with the president of the United States is critical to help save Aussie jobs. While other leaders are able to pick up the phone to the president, Anthony Albanese has not established such a relationship.

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Australian shares on-track for fourth week of losses

Australia’s share market is trading flat after a lacklustre start to the session, as the mining sector continues to counterbalance broader weakness. The benchmark S&P/ASX200 was flat at 8773, as the broader All Ordinaries lost 1.9 points, or 0.02%, to 9,061.5.

The move followed a lacklustre session on Wall Street overnight, and as US and Australian economic data prompts investors to rethink the outlook for the two nations’ interest rate cutting cycles.

While no monetary easing is expected at next week’s Reserve Bank’s meeting, ANZ and Westpac economists have held their expectations for a November rate cut, but stressed the importance of incoming jobs figures in any upcoming decisions.

Six of the 11 local sectors were trading lower by midday, and again it was materials enjoying relatively lonely success with a 0.8% improvement.

Large cap miners BHP (+1.5%) and Rio Tinto (+0.9%) continued to perform following the recent rally in copper prices.

Healthcare stocks tumbled 1.4% after the White House announced 100 per cent tariffs on medicines entering the US, with exemptions for companies building manufacturing centres there.

The Australian dollar is buying 65.33 US cents, down from 65.93 US cents on Thursday at 5pm.

-Australian Associated Press.

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