Live: Australia 'urgently' seeking further detail on Trump's pharmaceutical tariffs | Breaking News & Latest Australia Updates

Live: Australia 'urgently' seeking further detail on Trump's pharmaceutical tariffs — live Topic:Government and Politics Treasurer Jim Chalmers says Australia is "urgently" seeking clarification after US President Donald Trump flagged a...

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Topic:Government and Politics

Treasurer Jim Chalmers says Australia is "urgently" seeking clarification after US President Donald Trump flagged a possible 200 per cent tariff on pharmaceuticals.

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By Courtney Gould

Australia is "urgently" seeking clarification after US PresidentDonald Trumpflagged a possible 200 per cent tariff on pharmaceuticals and 50 per cent on copper.

Speaking to the media before a cabinet meeting, Trump said pharmaceutical producers would get a grace period to move production to the US.

TreasurerJim ChalmerstoldABC Radio National Breakfastit was a "very concerning development".

"Our exports of copper to the US are actually quite small. The US accounts for less than 1 per cent of our copper exports," he said.

"Much more concerning are the developments around pharmaceuticals. 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."

"I want to make it really clear once again, as we have on a number of occasions before, our pharmaceutical benefits scheme (PBS) is not something that willing to we're to trade away or do deals on. That won't change."

By Courtney Gould

It's probably no surprise that TreasurerJim Chalmersis keeping at arm's length from the Reserve Bank's surprise decision to keep the cash rate on hold yesterday.

"I think there are good reasons why treasurers don't make predictions about movements in interest rates. I don't predict them, I don't preempt them, I don't second-guess decisions once they're taken," he says.

But, speaking withABC Radio National Breakfast,Chalmers says it's "self-evident" to say the market, economists and Australians hoping for rate relief were surprised.

By Courtney Gould

Shadow TreasurerTed O'Brienis up and about this morning, also responding the RBA's unexpected decision to keep rates on hold.

Speaking withABC Radio Sydney,he said while millions of Australians were doing it tough, RBA governorMichele Bullock'sexplanation behind the decision was "very logical".

He said it would be "unwise" to be double-guessing the central bank: "I think their independence has to be treated as sacrosanct."

O'Brien says the government must address productivity, through incentives for the private sector to invest domestically, measures to build Australia's tech capability and increased flexibility.

By Brad Ryan in Washington DC

Donald Trumphas flagged a possible 200 per cent tariff on pharmaceuticals — one of Australia's biggest exports to the US — but says manufacturers will be given time to move to America to dodge the tax.

The US president also said copper was likely to be hit with a 50 per cent tariff.

To date, pharmaceuticals and copper have both been exempt from the US's ever-evolving tariffs regime, pending two separate investigations by the Department of Commerce.

But Trump has long railed against American dependence on foreign producers of the products, given the lifesaving nature of many imported medicines and copper's importance to the industrial sector and technological innovation.

By Courtney Gould

Millions of Australians have been left disappointed after the Reserve Bank held off on a widely expected interest rate cut for at least another month.

In a split decision, the RBA board voted to wait until the latest inflation data comes in to confirm they're on the right track.

Housing MinisterClare O'Neilsaid while she was hoping for an interest rate decrease, the RBA was clear in its message.

"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.

Asked if she was frustrated by the decision, O'Neil said she was respectful of the central bank's independence.

"I want my community and people around the country not to be struggling in the way that they are," she said.

"Of course, I was hoping for an interest rate decrease from the Reserve Bank but we are very respectful of the independence of the institution."

By Courtney Gould

Hi friends. Welcome to our politics live blog.

I'mCourtney Gould,logging in from the ABC's Parliament House bureau in Canberra, ready to bring you all the news as it comes in.

Let's get bloggggginnnnnng!

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