Australia Escapes 15% U.S. Tariff But the Clock May Be Ticking

After U.S. President Donald Trump's initial tariff regime was struck down by the Supreme Court in a 6-3 ruling with Trump calling the justices "fools and lapdogs" he moved swiftly to reimpose tariffs through separate legislation, raising the global minimum rate to 15%. Despite this, Trade Minister Don Farrell confirmed overnight that Australia's tariff rate would hold at 10%, at least for now. Farrell, speaking to Channel Nine, said U.S. officials directly confirmed the figure, though he acknowledged it could still rise. U.S. Trade Representative Jamieson Greer warned rates could increase for countries that "reneged on deals or doubled down on unfair trade practices." Meanwhile, Australian trade has grown to a record $133 billion. The question of the U.S. refunding over $100 billion collected from businesses under the unlawful tariffs also remains unresolved.