Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
CANBERRA, July 18 (Xinhua) — Volatility in the global economy caused by U.S. tariffs is one reason for rising unemployment in Australia, Treasurer Jim Chalmers said on Friday.
The politician told the Australian Broadcasting Corporation (ABC) that the volatility, unpredictability and uncertainty caused by US tariffs had become a "defining and permanent feature of the global economy" and Australia was not immune.
The federal government has heard from business leaders and economists that U.S. trade policy has influenced local hiring decisions, Chalmers said.
“I think people are embracing this uncertainty and unpredictability as the new normal. It requires us to change our thinking,” he said.
Official data released on Thursday by the Australian Bureau of Statistics showed Australia's unemployment rate rose from 4.1 per cent in May to 4.3 per cent in June, the highest since November 2021.
Chalmers said the rise in unemployment was unwelcome but not surprising, and the government forecast unemployment would rise further but remain below 5 per cent.
The treasurer made the announcement while in South Africa, where he is attending a meeting of G20 finance ministers and central bank governors in Durban.
In bilateral discussions and major meetings, the view has “definitely” emerged that the U.S. tariff policy is unjustified, unnecessary and an act of economic self-destruction, the official said. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
.