Trump’s tariffs could deliver a $27bn blow to Australia – and the cost of a global trade war would be far higher

Liberation days signal the end of a war, not the start of one.So it is with rich irony that the US president, Donald Trump, has declared victory even as he massively escalates his attack on the global trading system.As Trump attempted to recast the world’s richest nation as a victim of “perfidious” foreigners who have been taking advantage of the superpower for too long, he unveiled sweeping 10% tariffs on goods imported from Australia. Notably, pharmaceuticals – one of Australia’s top exports to the US – escaped tariffs, as did critical minerals that are not mined in the US.The treasurer, Jim Chalmers, nevertheless declared it “a dark day in the global economy” as he promised to release updated Treasury modelling of how bad the tariffs will be for Australia

Labor offers $1bn in loans to Australian export companies and seeks to loosen US trade ties after Trump tariffs

Labor will provide $1bn in zero interest loans to help export-focused companies tap alternative markets as Australia seeks to loosen trade ties with the US in response to Donald Trump’s new tariffs.The lending facility would complement a separate government initiative to fund representative bodies of affected sectors “to secure and grow new markets”.The pledges, announced on Thursday, were made shortly after Trump’s “liberation day” speech. The US hit Australia with a 10% tariff in response to claims that Australia imposes the same sized impost on US goods through various trade barriers, a claim that Albanese disputes.Australia has sought to boost trade to countries like India and the United Arab Emirates and sign a free trade agreement with the European Union in a diversification strategy to be fast-tracked amid the upheaval in global diplomatic and economic relations

UK government tries to placate opponents of AI copyright bill

The UK government is trying to placate peer and Labour backbencher concerns about copyright proposals by pledging to assess the economic impact of its plans.Creative professionals including Sir Paul McCartney, Sir Tom Stoppard and Kate Bush have strongly criticised ministers’ proposals to let artificial intelligence companies train their models on copyright-protected work without permission, unless the rights holder opts out.Their stance has been supported by peers, who have passed amendments pushing back on the proposals, and by some backbench MPs.It is understood that concessions offered to MPs and peers this week include an economic impact assessment, with a report that could address issues such as how AI developers access data to train their models and transparency around use of copyright-protected works.Ministers are hoping the concessions will allow thethe data (use and access) bill to pass

Tesla quarterly sales slump 13% amid backlash against Elon Musk

Tesla reported a 13% drop in vehicle sales in the first three months of the year, making it the electric vehicle maker’s worst quarter since 2022. It’s another sign that Elon Musk’s once high-flying electric car company is struggling to attract buyers.The drop is probably due to a combination of factors, including its ageing lineup, competition from rivals and a backlash from Musk’s embrace of rightwing politics. It also is a warning that the company’s first-quarter earnings report later this month could disappoint investors.Tesla reported deliveries of 336,681 vehicles globally in the January-March quarter

Minister seeks inquiry into British Basketball’s ‘potentially criminal’ deal

The sports minister, Stephanie Peacock, has asked the government body responsible for elite funding, UK Sport, to investigate allegations of unlawful tender made against the British Basketball Federation. On Wednesday, the BBF signed a 15‑year agreement with an American consortium to operate a new men’s professional league from 2026.The existing nine Super League Basketball clubs are deeply unhappy with the BBF’s plans for the sport. On their behalf Vaughn Millette, the Sheffield Sharks owner, wrote in February to the government after the BBF had entered exclusive negotiations with Marshall Glickman’s GBB League Ltd (GBBL), to outline their concerns.In a reply seen by the Guardian, Peacock describes the issues raised in the letter as varying between “serious” and “potentially criminal” and that officials from the Department for Culture, Media and Sport will ask UK Sport to investigate

‘Sundance Kid’ JP McManus has five shots at Grand National history

For a man who is still most familiar to many fans as the most fearless gambler of recent decades, JP McManus does not seem to be leaving a great deal to chance before Saturday’s Grand National at Aintree.Three of the top six in the betting for the world’s most famous steeplechase – Iroko, Perceval Legallois and last year’s winner, I Am Maximus – will carry the owner’s famous green and gold colours this weekend, along with a live each-way shot in Meetingofthewaters. The Sundance Kid – as he was nicknamed in Ireland’s betting rings in the 1970s – is now in his mid-70s, but he shows no sign of slowing down.Quite the opposite, in fact. He went into last month’s Cheltenham festival as the meeting’s all-time leading owner with 78 wins over the course of 43 years since Mister Donovan gave him his first festival winner in 1982