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TRUMP USA WILL LIKELY LOSE AUSTRALIA 60 Minutes Australia: ‘Very, very dangerous’: China’s stark warning over Trump’s tariffs \| 60 Minutes Australia PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=c6-WeFX5ycQ Peter Burgess COMMENTARY Peter Burgess
‘Very, very dangerous’: China’s stark warning over Trump’s tariffs \| 60 Minutes Australia 60 Minutes Australia 6.17M subscribers ... 940,121 views ... 12K likes May 11, 2025 #60Mins How Donald Trump’s world tariff turmoil is already causing grief for Aussies Trade Wars (2025) ► Subscribe: http://9Soci.al/chmP50wA97J ► WATCH Full Episodes on 9NOW: https://9now.app.link/uNP4qBkmN6 MORE VIDEOS like this one ► • Trump vs The World: Will he back down... ► • Mastermind or madman? How Donald Trum... ► • John Bolton, whom Trump described as ... FOLLOW 60 Minutes Australia ► Instagram: / 60minutes9 ► TikTok: / 60minutes9 ► Facebook: / 60minutes9 ABOUT 60 Minutes Australia 60 Minutes Australia have been telling the world’s greatest stories for over 40 years. Reporters Tara Brown, Amelia Adams, Adam Hegarty, Dimity Clancey and Nick McKenzie look past the headlines to show the bigger picture. Watch the latest from 60 Minutes Australia every Sunday on Channel 9 and 9Now. #60Mins Transcript 0:00 coming up this swimsuit here probably would be 140 retail and when you add on Trump's tariff well over 200 how do you cop that the cost of living crisis we can't blame on CRA it's our turn to do the ripping aussie struggling we don't know what'll happen next week thanks to Trump's tariff turmoil havoc is an understatement we've got a real problem here that's next on 60 Minutes a long time ago 21 years to be exact in a capital far far away Washington DC Australia and the United States signed an historic free trade agreement at the time it was a new hope for shared prosperity everyone was pleased especially the Americans who truth be told probably got the better end of the deal but now that pact seemingly counts for nothing donald Trump says he's sick of America being ripped off by other nations including Australia and has 1:00 decreed his empire will strike back negotiating with the undeniable force of the US President won't be easy for our newly reelected Prime Minister Anthony Albani however it's a mission he has no option but to get right [Music] if you want to see the global economy in action the cotton fields of Bogbry in northern New South Wales are as good a place as anywhere right now there's a bumper crop and picking is in full swing you're normally worrying about the weather Andrew not not trade wars well that's right that's that's what I do here i grow things it's here you'll find sixth generation farmer Andrew Watson he's a hardworking 2:00 Aussie who's part of an industry which delivers more than $3.5 billion dollars to the Australian economy each year how long until all of this cotton becomes a product could be 10 12 months by the time it goes through the worldwide process to be spun into thread to then be woven into cloth and then be cut and sewn up to be a shirt so all of that on someone's back in 10 months that's right wow yeah it's a it's a long process it can be in multiple countries so making sure this can move around the world easily is important absolutely world trade is really important for Australian agriculture and Australian cotton in particular cotton is the mainstay of Andrew's family farm but he also grows crops like canola corn and mustard and raises cattle cotton all gets exported because there's no spinning mills in Australia so that's could be off to Indonesia or 3:00 Vietnam to be spun into thread but uh we also grow Durham wheat which invariably goes off to Italy to make top quality pasta uh we grow um mustard at various times which this year will be ending up in Japan as wasabi sauce and sometimes we grow sorghum which can be exported to China to make beer you're feeding and clothing the world bit by bit with 70% of what Andrew produces destined for overseas he's at the mercy of Donald Trump's war on free trade it's the long-term potential for a global economic slowdown that's the big concern the main uncertainty is whether this trade war will spill over into a world recession if we can't sell it that really puts a lot of pressure on where this farm will sit and so that's probably the big threat that we're facing my fellow Americans this is Liberation 4:02 Day waiting for a long time it's now nearly 6 weeks since Donald Trump fired the opening salvo in his vicious trade war china 67% japan 46% dishing out tariffs to friends and foes like prizes in a game show indonesia Malaysia Cambodia oh look at Cambodia 97% when you watched him up there with his you know his poster placard with all of his big numbers on it as a businessman what are you thinking i just kind of breathed it in and just thought 'Wow this is going to be an interesting ride put my seatelt on strap yourself in.' Yes would anybody like a hat this is home yeah yeah this is home since President Trump's so-called liberation day Steve Philpot's 5:01 Sydneybased fashion group Bondi has taken a hammering each year his company exports about $20 million worth of high-end swimwear around the globe when I started Bondi I knew that I wanted to take it to the rest of the world we're selling pretty much in every European country we're selling in North America we've started to sell in the Middle East we're selling in Asia and it's all about Australia and our lifestyle everyone wants a little slice of this everyone wants a piece of this the 10% tariff imposed on Australian goods is bad enough but Bondi's bottom line is being gouged by a double whammy the company produces four brands of swimwear three of them made in China with a third of what's produced there destined for customers in America now slugged with tariffs of 145% the cost of doing business has 6:00 suddenly gone through the roof whatever we have on the water right now and whatever we're delivering right now which is there's there's a few million dollars worth of orders we we have going we're paying tariffs on that now so it's it's effective pretty much immediately for everything that we've shipped and landing in the US after that how do you cop that i'm not happy about it but I I don't really have a choice so on average how much does a customer in the US spend this swimsuit here that would probably be 140 retail mhm 140 US retail and when you add on Trump's tariffs how much will it cost if we were to pass the tariff on it it would be you know be up around 200 wow and would a customer pay that no the customer won't pay that and I I don't believe the retailers can pay it either so So what do you do we're we're passing a little bit on and we're absorbing most of it and we're basically holding steady staying calm holding steady and waiting 7:00 to see what happens how much money are you absorbing then uh look if I was to do a calendar year it's it's it'll be up close to a million dollars wow what's the talk in your industry what are your colleagues saying to you uh a lot of exploitives everybody's just like 'What the', you know no one really understands where it's going to land it's very difficult to be able to make plans as a business when the landscape is moving so fast and just so dramatically it's affecting everyone i think it's affecting the entire planet like the everyone I know in every country that I know is all talking about it they just can't believe it like it's quite incredible what's happened it's not free trade they may have come as a shock but in truth Donald Trump has been obsessing about tariffs since his days as a New York property tycoon the fact is that you don't have free trade we think of it as free trade but you right now don't have free trade and I 8:01 think a lot of people are tired of watching other countries ripping off the United States this is a great country he at a very early age latched on to the idea back in the 1980s that these were people who were coming after America and he was going to get them and the way to get them was with tariffs they laugh at us behind our backs they laugh at us because of our own stupidity that idea simplistic as it is has stuck with him ever since few people have a better understanding of Donald Trump than biographer Mark Fischer he says the president's motivation is far less sophisticated than it might seem do you think that this is just one big attempt to take down China the idea that Trump just wants to take down China is presuming that Trump has an ideology a a philosophy a political strategy that's not what this is about this is about 9:00 Trump's lifelong fascination with the term tariffs tariff is the most beautiful word in the dictionary he likes the idea of it he likes the idea that you punish someone and get something for it that's a very Trumpian concept what's at stake is far more than money in one fell swoop trusted global alliances have been shaken to the core they've ripped us off left and right but now it's our turn to do the ripping there's a tremendous amount of fear that is bubbling through the country and the world right now and it's fear of instability and it's fear of Donald Trump's chaos and it's fear engendered by the fact that no one knows exactly what Trump's going to do next which is exactly the way Trump likes it i mean he's destroying global relations he's crashing markets it's quite 10:01 extraordinary it is it is extraordinary and this is stuff that is not just a matter of uh a few days of tanking on Wall Street this is a longterm message that's being sent that changes things that you can't immediately put back in in the bottle you can't mend alliances that took decades if not a century to build that you then blew up in one day you can't immediately fix them with a band-aid it doesn't work that way and uh Americans are going to be paying the price for this for some time to come coming up the propaganda war heats up as the US and China slug out their trade differences if you hold a gun at my head I hold a gun at your head 11:00 if there's one thing that's in overdrive right now it's Beijing's propaganda machine chinese internet users have harnessed the power of AI to unleash a wave of online trolling of President Trump and his administration complete with dystopian American factories that poke fun at the brave new future of manufacturing in the US but for all the silliness the repercussions of what's playing out couldn't be more serious the ball is in China's court china needs to make a deal with us we don't have to make a deal with them while both sides have recently signaled they are open to negotiation neither is showing any real sign of backing down this will destroy the foundation upon which the international order is based upon so 12:02 this is very very dangerous who is going to blink first president Xi or President Trump china will never blink first analyst Victor Gao is vice president of the Center for China and globalization and an unofficial mouthpiece for the regime in Beijing china is fully prepared for a situation where two-way trade between China and the United States will grind to a complete halt no more Chinese exports to the United States no more US export to China china's logic is very simple tit for tat if you slap me in the face I slap you in the face if you hold a gun at my head I hold a gun at your head if you threaten war I threaten war back at you bingo so we need to use peace to solve the problem between China and the United States china is now punching back with an equal 13:00 amount of tariffs on American exports china's President Xi has hit back raising tariffs on US goods to 125% and announcing restrictions on rare earths essential to the production of advanced technologies like fighter jets and missile guidance systems we will cut off all these supplies to you and we will never trade in any meaningful way rare earth with the Americans and I'm afraid the national defense industry in the United States will need to come to a complete halt the early signs for both economies are troubling chinese manufacturing has dropped to its lowest level since 2023 while the US economy shrank.3 of a percent in the first 3 months of this year and that was before the most aggressive trade policy had taken effect 14:00 for the first time President Trump has conceded his tariffs could lead to fewer and costlier products at home maybe the children will have two dolls instead of $30 you know and maybe the two dolls will cost a couple of bucks more than they would normally i'm just saying they don't need to have $30 they can have three they don't need to have 250 pencils they can have five but you're basically saying there could be some supply shortages because they don't have to waste money on a trade deficit with China for things we don't need for junk that we don't need donald Trump is really wreaking havoc isn't he havoc is an understatement we've got a real problem here steven Cakulus has analyzed his fair share of financial turmoil over the years but nothing quite like this a one-time adviser to Prime Minister Julia Gillard and the former chief economist of two major banks he's watching what's playing out with gritted teeth 15:02 we're seeing trade flows stop already that the linkages between China and the US are down about 60 to 70% so already we've got this global trade slowing down impacting commodity prices which are down and then of course impacting financial markets which are incredibly volatile uh more down than up how ugly though is it going to get before any resolution here do you think the worrying thing uh that could occur from this is a US recession and given that the US is still the dominant economy in the world that filters through into a global recession and recessions are bad it means businesses close down it means people lose their jobs we don't want that to happen of course not but that's a risk that happens when global trade is dislocated the way that it looks as if it's been it's still in the early stages of this trade war evolving this will take a couple of years to fully play out president Trump's 90-day pause on higher 16:00 rate tariffs for countries excluding China ends on July the 8th i'm telling you these countries are calling us up kissing my ass they are the clock is ticking and as yet the administration's continual promises of trade deals with eager nations have come to virtually nothing when you talk about why Trump does things the answer is because The Trump Show has a new episode coming dummy that's it author and Trump expert Mark Fischer says the next phase of this trade war could be even more chaotic what's going to happen at the end of the 90 days do you think the generally reasonable assumption with all things Trump is there'll be another 90 days or another 30 days or another week or another year it's always a question of kicking the ball a little bit farther 17:00 down the field and trying to create a distraction and declaring victory that's the toolkit declare victory change reality distract people's attention that's about all he has i assume he'll use all of those tools because it's a pretty tough situation china is imploring Australia to join forces against what it sees as a weaponization of tariffs by the US it's gross hypocrisy of course from a country that for years imposed its own crippling trade restrictions on Australian goods including wine lobster and coal but Chinese analyst Victor Gao insists times have changed china slapped the tariffs on Australian goods when China Australian relations were very strained because China believed the Australian 18:01 government at that time blindly followed the dictates from Washington you are a strong ally of the United States everyone knows about that but don't let that alliance take away your own brain power or independence and I would say the market demand in China for many things made in Australia will be huge but if Australia does the wrong thing for example blindly follow the American leadership and try to pick a fight with China at no provocation at all then China need to retaliate china need to slap tariffs on Australia made goods given the competing pressures economist Steven Cakulus says Australia needs to act with extreme caution we've got that wonderful trade flow to China and that's a really important link for the Australian economy it's been one of the reasons why we've had decades of pretty good economic growth and we've got a very very important um relationship with 19:00 the US on on geopolitical issues if that's jeopardized because we're excluding the US from our trade then there's a risk that some of that uh wonderful relationship that we've got with the US starts to deteriorate so we have to decide who we go to bed with our defense partner or our trade partner hopefully we can do both but there's a risk that that doesn't always um become compatible to the people involved so we've got to tread very carefully out near the cotton fields of Bogger Andrew Watson is enjoying the end of a stunning autumn day it's not a bad way to spend your afternoon right i could not agree more could not agree more like every farmer he's learned to be resilient and play the long game i think it's a bit of a short-term storm in a teacup let's give it 6 months and see what's happened there's already been enough uh back flips and turns already 20:02 that we don't know what'll happen next week so I'm not seeing there's going to be a massive change in the short term i'm better off going on and harvesting my crop and getting it sold than worrying about that as for swimwear exporter Steve Philpot he's just hopeful that common sense will win the day and that Donald Trump's deal making bluff and bluster will turn out to be just that everyone's scared so people aren't spending they're saving more they're they're worried the the whole world is worried right now and if this just gets uglier what do you do i guess I just keep moving making the decisions I need to make to keep the business alive i feel like there's a lot of bravado um it's the end percentage what the tariff's going to be at the end of the day that really matters no matter what words are said so I'm 21:01 anxiously patiently waiting to see what happens with that interesting times huh oh very what a ride what a ride hello I'm Dimit Clancy thanks for watching 60 Minutes Australia subscribe to our channel now for brand new stories and exclusive clips every week and don't miss out on our extra minute segments and full episodes of 60 Minutes on 9now.com.au and the N Now app

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