UK Prime Minister Keir Starmer has spoken to Australian Prime Minister Anthony Albanese and Italian Prime Minister Giorgia Meloni about the approach to US tariffs, saying they agreed an “all-out trade war would be extremely damaging”.

It came as Chinese officials said they would retaliate over US President Donald Trump’s tariffs with additional imposts of 34 per cent on US goods, escalating a trade war that has rattled investors and fed fears of a recession.

In separate calls, the United Kingdom leader said it had been “clear for a long time that like-minded countries must maintain strong relationships and dialogue to ensure our mutual security and maintain economic stability,” a spokesperson from his office said in a statement.

“They all agreed that an all-out trade war would be extremely damaging and is in nobody’s interests, while agreeing to keep in close contact in the coming days.”

Issuing a readout of the separate discussions on Friday, a Downing Street spokesperson said Starmer “has been clear the UK’s response will be guided by the national interest” and officials will “calmly continue with our preparatory work, rather than rush to retaliate”.

“He discussed this approach with both leaders, acknowledging that while the global economic landscape has shifted this week, it has been clear for a long time that like-minded countries must maintain strong relationships and dialogue to ensure our mutual security and maintain economic stability,” the spokesperson added.

with PA

US President Donald Trump and Vietnam’s leader To Lam have agreed to discuss a deal to remove tariffs, both leaders said after a phone call that Trump said was “very productive” as Vietnam escalated its campaign to dodge duties of 46 per cent.

Days before Trump’s announcement on reciprocal tariffs that hit Vietnam hard, the country had already cut several duties as part of a series of concessions to the United States, which also included pledges to buy more US goods such as planes and agriculture products.

“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.”, Trump wrote on his Truth social platform.

“I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” Trump added.

Lam confirmed the call and the pledge to cut tariffs on US goods.

“At the same time (Lam) proposed that the US apply similar tax rates to goods imported from Vietnam,” read a report on Vietnam’s government portal published shortly after Trump’s post.

The two leaders agreed they will continue talking “to soon sign a bilateral agreement” on tariffs, the Vietnamese government said, adding Trump accepted an invitation to visit Vietnam soon.

Vietnam, which serves as a major manufacturing base for many international companies, had a trade surplus with the US which exceeded $US123 billion ($A197 billion) last year.

Shares of Nike, Adidas and Puma dropped sharply after Vietnam was targeted with 46 per cent tariffs on Wednesday, as the country hosts major manufacturing operations for global shoemakers.

But some reversed course following Trump’s post on Friday.

Without a deal, the 46 per cent US tariff would apply to imports from Vietnam from April 9.

The country’s benchmark stock index has fallen 8.1 per cent since Trump announced the tariffs two days ago.

Vietnam was already preparing to send a mission to the US next week which could seal a deal on the purchase of Boeing planes by a Vietnamese airline, according to a document seen by Reuters.

Separately, Cambodia also asked the US government on Friday to postpone the 49 per cent tariff rate on its products.

US reciprocal tariff rates on Cambodia and Vietnam are among the highest.

“Cambodia proposes to negotiate with your honourable’s administration at the earliest convenient time,” Cambodian Prime Minister Hun Manet said in a letter to Trump, reviewed by Reuters.

US tariffs on Australian wine could deal a major blow to entry-level exports, with the industry fearing prices will rise enough to risk a key market being swallowed up by bulk American wine.

The blanket 10 per cent tariff on all wine sent to the US – which is the nation’s third-biggest export market – will have a profound impact on a sector still struggling after three years of Chinese tariffs, Taylors Wines managing director Mitchell Taylor said.

“The trade minister rang me and pointed out how we did very well, relatively, but the industry has been going through … the most difficult time in the 40 years I’ve been in it,” the South Australian winemaker said.

About 80 per cent of the wine going into the US market is entry level, and the 10 per cent tariff “multiplies all the way up the alcohol distribution chain” according to Mr Taylor.

“All of a sudden, the $5-7 bottles will be up over $10 and the excess, cheap California wine will just come in and swallow up that market,” he said.

Australia exported $325 million of wine to the US in 2024, according to Wine Australia.

DMG Fine Wine managing director William Dong said there was relief that the tariffs were not 20 per cent-plus as the industry had feared.

Yet it will still greatly impact entry-level wine producers as the market becomes more price-sensitive and consumers cut back on spending, he said.

Australia was in a better position than markets such as Europe where the tariff levels imposed are much higher, according to Mr Dong.

“Consumers will be open to exploring more affordable alternatives that still deliver quality and provenance. We have a unique opportunity to provide that and gain a foothold in the market,” he said.

The chaos and uncertainty created by President Donald Trump creates havoc in the supply chain, Mr Taylor said.

“So it’s very hard to get orders from not only the US, but from other countries because consumer confidence goes south when you’ve got all these inflationary pressures and talk of a world recession,” he said.

One positive is potential in the Canadian market because the Liquor Control Board of Ontario has taken all US wines off their shelves, according to Mr Taylor, who said government support would necessary.

People unable to work due to flooding in Queensland’s west will have access to financial help, Anthony Albanese will announce during a campaign visit.

The prime minister will visit flood zones on Saturday, where he will announce the federal government has approved the disaster recovery allowance.

It provides up to 13 weeks of income support for eligible workers and sole traders who have suffered a loss as a result of the natural disaster.

The amount available to people depends on their individual circumstances, with applications to open from Tuesday afternoon.

Almost double the yearly average rainfall has been dumped on parts of regional Queensland.

Massive areas of land have been inundated and tens of thousands of livestock are either missing or dead because of the record-breaking rain.

Mr Albanese said the federal and state governments were working together to provide support to communities.

“The vision coming out of Western Queensland is truly shocking and distressing, he said.

“My thoughts are with everyone affected by this flooding, my message to Queenslanders is we are here for you.”

Emergency disaster grants, personal hardship assistance payments and grants for small businesses and non-profits are also available.

Labor has matched the coalition’s pledge of $10 million for a radar in outback Queensland to supplement other weather warning systems including satellites and flood gauges.

Emergency Management Minister Jenny McAllister said support provided included the deployment of heavy-lift helicopters, personal hardship payments and a fodder bank for impacted farmers.

A military aircraft has provided support by supplying fuel, transporting more than 5000 litres of aviation fuel from Longreach to Windorah on Tuesday.

The trip to Queensland by Mr Albanese will be his second over the past seven days.

Peter Dutton on Monday visited the flood-affected town of Thargomindah, about 1000km west of Brisbane.

The opposition leader has accused the government of neglecting regional communities.

Retirement fund officials are frantically trying to understand how a massive cyber breach has occurred after thousands of superannuation accounts were targeted by hackers.

Experts have called for wider implementation of more complex security measures as individuals are warned to ensure their accounts are not easily accessed.

Thousands of superannuation accounts across multiple funds were targeted in March in a coordinated attack confirmed on Friday.

Superannuation funds manage more than $4.1 trillion in assets on behalf of around 17 million Australians according to the Association of Superannuation Funds of Australia.

With that much on offer it was only a matter of time before the funds were targeted, cybersecurity expert Paul Haskell-Dowland said.

“An attack on Australian superannuation was always inevitable, some would say overdue,” the Edith Cowan University professor said.

It will prompt funds to review their security protocols.

“This is a clear warning shot that cybersecurity needs to be taken more seriously,” he said.

Prof Haskell-Dowland is one of many cybersecurity experts to call for mandatory implementation of multi-factor authentication.

RMIT cyber security centre director Matthew Warren said funds could allow customers to opt out of authenticating their logins if it was unduly onerous, but that needed to change.

“Stronger multi-factor authentication should be implemented for every customer, with no exception,” he said.

Super funds have been contacting members whose accounts have been targeted by hackers.

Hostplus, Rest, AustralianSuper and Australian Retirement Trust were among the funds hit in the attack.

The nation’s biggest fund, AustralianSuper, said hackers allegedly sought lump sum withdrawals from up to 600 accounts.

Its more than 3.4 million members subsequently struggled to log in amid high call-centre traffic and intermittent outages to online services, as the fund assured customers who saw $0 in their balance it was a temporary glitch.

But multiple media outlets reported four customers had lost $500,000 between them as a result of the attack.

Other funds reported no losses, while some were still assessing the damage.

Funds urged members to check for signs of fraud, ensure banking and contact details are correct, and change passwords if they are not unique to their account.

China has announced additional tariffs of 34 per cent on US goods, striking back at US President Donald Trump and escalating a trade war that has fed fears of a recession and triggered a global stock market rout.

In the stand-off between the world’s two biggest economies, China also announced controls on exports of some rare earths, while Trump doubled down as well, vowing not to change course.

China added 11 US bodies to the “unreliable entity” list, which allows China to take punitive actions against foreign entities, including firms linked to arms sales to democratically governed Taiwan which China claims as part of its territory.

Other affected countries like Canada have also readied retaliation in a mounting trade war after Trump raised US tariff barriers to their highest level in more than a century, leading to a plunge in world financial markets.

Investment bank J.P. Morgan said it sees a 60 per cent chance of the global economy entering recession by year-end, up from 40 per cent previously.

Wall Street fell sharply on Friday morning, after China announced its retaliatory tariffs a day after the Trump administration’s sweeping levies knocked off $US2.4 trillion ($A3.8 trillion) from US equities.

Shares of big tech stocks fell, helping to drive the Nasdaq toward a bear market. 

Companies with big exposure to China and Taiwan for manufacturing their products were hard-hit, with Apple down 4.7 per cent and Nvidia down 3.4 per cent.

The Nasdaq showed a 3.69 per cent decline, bringing the index to 20 per cent below its all-time closing high in December.

“This is significant and is unlikely to be over, hence the negative market reactions,” said Stephane Ekolo, Market & Equity Strategist, Tradition, London. 

“Investors are afraid of a ‘tit for tat’ trade war situation.”

Federal Reserve chair Jerome Powell said on Friday that the tariffs were “larger than expected” and elevated the risk of both higher inflation and slower growth.

In prepared remarks at a conference, Powell did not address the swoon in US stocks directly but acknowledged that the same uncertainty engulfing investors and company executives was facing the Fed.

Trump’s team has played down the market turbulence as an adjustment that would prove beneficial in the long run. 

The White House touted stronger-than-expected job data on Friday, after a Labor Department report showed the US economy added far more jobs in March than predicted.

But Trump’s sweeping import tariffs could test the labour market’s resilience in the months ahead amid sagging business confidence.

“To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!” Trump said in a social media post in all caps.

After China’s retaliation, he posted: “China played it wrong, they panicked – the one thing they cannot afford to do!”

Trump on Thursday had said he was open to talking to China and making a deal over TikTok by providing relief for US tariffs on Chinese goods in exchange for Beijing officials’ approval of the sale of the ByteDance-owned short video app.

Speaking to reporters on Air Force One, Trump said it was just an example and did not answer a question on whether plans were underway for him to talk to Chinese President Xi Jinping.

US Secretary of State Marco Rubio on Friday disputed any economic crash, telling reporters that markets were reacting to the change and would adjust.

“Their economies are not crashing. Their markets are reacting to a dramatic change in the global order in terms of trade,” he said at a press conference in Brussels. 

“The markets will adjust.”

With European shares also tumbling to the biggest weekly losses in years, the European Union’s trade commissioner Maros Sefcovic will speak to US counterparts.

“We will not shoot from the hip – we want to give negotiations every chance to succeed to find a fair deal, to the benefit of both sides,” he said on social media.

China has announced additional tariffs of 34 per cent on US goods, the most serious escalation in a trade war with President Donald Trump that has fed fears of a recession and triggered a global stock market rout.

Beijing also announced on Friday it was adding several US entities to an export control list and classifying others as an “unreliable” entity.

Nations from Canada to China have readied retaliation in an escalating trade war after Trump raised US tariff barriers to their highest level in more than a century this week, leading to a plunge in world financial markets.

Investment bank JP Morgan said it now sees a 60 per cent chance of the global economy entering recession by year end, up from 40 per cent previously.

But there were conflicting messages from the White House about whether the tariffs were permanent or a tactic to win concessions, with Trump saying they “give us great power to negotiate”.

The US tariffs include a 10 per cent baseline on all imports and higher targeted duties on dozens of countries.

That could jack up the price for US shoppers of everything from cannabis to running shoes to Apple’s iPhone.

Canadian Prime Minister Mark Carney said the United States had abandoned its historic role as a champion of international economic co-operation.

“The global economy is fundamentally different today than it was yesterday,” he said as he announced several countermeasures.

China had earlier vowed retaliation for Trump’s 54 per cent tariffs on imports from the world’s No.2 economy, as did the European Union, which faces a 20 per cent duty.

French President Emmanuel Macron called for European countries to suspend investment in the United States.

Other trading partners, including Japan, South Korea, Mexico and India, said they would hold off on any retaliation for now as they sought concessions.

Britain’s foreign minister said it was working to strike an economic deal with the United States, but Washington’s allies and rivals alike warned of a devastating blow to global trade.

US Commerce Secretary Howard Lutnick and senior trade adviser Peter Navarro both told TV news programs on Thursday the president would not back off, and that the tariff increases were not a negotiation.

Trump then appeared to contradict them, telling reporters, “The tariffs give us great power to negotiate. Always have. I used it very well in the first administration, as you saw, but now we’re taking it to a whole new level.”

Stocks suffered a global meltdown, the US dollar crumbled and oil prices were set for their worst week in months as analysts warned the tariffs could dent demand, upend supply chains and hurt corporate profits.

Trump says the “reciprocal” tariffs are a response to barriers put on US goods, while administration officials said the tariffs would create manufacturing jobs at home, although they cautioned it would take time to see results.

Since returning to the White House in January, Trump’s on-again, off-again tariff threats have rattled consumer and business confidence.

Trump could step back again, as the reciprocal tariffs are not due to take effect until April 9.

Economists say the tariffs could reignite inflation, raise the risk of a US recession and boost costs for the average US family by thousands of dollars.

Canada and Mexico, the largest US trading partners, were not hit with targeted tariffs on Wednesday, but they already face 25 per cent tariffs on many goods and now face a separate set of tariffs on auto imports.

US President Donald Trump offered a rosy assessment after the stock market dropped sharply over his tariffs, saying, “I think it’s going very well.”

“The markets are going to boom, the stock is going to boom, the country is going to boom,” he said when asked about the market as he left the White House to fly to one of his Florida golf clubs.

The Dow Jones Industrial Average dropped more than 1600 points on Thursday as US stocks led a worldwide sell-off after the Republican president’s announcement of tariffs against much of the world ignited a shock like none seen since the COVID-19 pandemic.

Trump on Wednesday announced a minimum tariff of 10 per cent on imports, with the tax rate running much higher on products from certain countries such as China and those from the European Union.

The announcement jolted markets worldwide, but Trump said that was to be expected.

He compared the United States to a sick patient in need of surgery when asked by a reporter for his reaction to the worst stock market drop in years.

“I think it’s going very well. We have an operation, like when a patient gets operated on and it’s a big thing. I said this would exactly be the way it is,” he said, an apparent reference to the sell-off.

He talked about trillions of dollars in investment that is “coming into our country” from companies that want to make their products in the US to avoid tariffs.

“The rest of the world wants to see is there any way they can make a deal,” he said.

Later, speaking with the reporters on aboard Air Force One, Trump said he would be open to using tariffs to negotiate with other countries and that it would depend on whether they had something “phenomenal” to offer in return.

He maintains that other countries have been taking advantage of the US for a long time and he wants it to stop.

“For many years, we’ve been at the wrong side of the ball and I’ll tell you what, I think it’s going to be unbelievable,” Trump said as he left the White House to attend a Saudi-backed golf tournament at his club in Doral, Florida.

Countries around the world are threatening to wage a trade war with the United States as President Donald Trump’s sweeping tariffs feed expectations of a global downturn and sharp price hikes for swathes of goods in the world’s biggest consumer market.

The penalties announced by Trump on Wednesday triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalisation.

Investment bank JP Morgan said it now sees a 60 per cent chance of the global economy entering recession by year end, up from 40 per cent previously.

But there were conflicting messages from the White House about whether the tariffs were meant to be permanent or were a tactic to win concessions, with Trump saying they “give us great power to negotiate”.

The US tariffs would amount to the highest trade barriers in more than a century: a 10 per cent baseline tariff on all imports and higher targeted duties on dozens of countries.

That could jack up the price for US shoppers of everything from cannabis to running shoes to Apple’s iPhone.

Businesses raced to adjust. Automaker Stellantis said it would temporarily lay off US workers and close plants in Canada and Mexico, while General Motors said it would increase US production.

Canadian Prime Minister Mark Carney said the United States had abandoned its historic role as a champion of international economic co-operation.

“The global economy is fundamentally different today than it was yesterday,” he said as he announced several countermeasures.

Elsewhere, China vowed retaliation for Trump’s 54 per cent tariffs on imports from the world’s No.2 economy, as did the European Union, which faces a 20 per cent duty.

French President Emmanuel Macron called for European countries to suspend investment in the United States.

Other trading partners, including Japan, South Korea, Mexico and India, said they would hold off on any retaliation for now as they sought concessions.

Britain’s foreign minister said it was working to strike an economic deal with the United States, but Washington’s allies and rivals alike warned of a devastating blow to global trade.

US Commerce Secretary Howard Lutnick and senior trade adviser Peter Navarro both told TV news programs on Thursday the president would not back off, and that the tariff increases were not a negotiation.

Trump then appeared to contradict them, telling reporters, “The tariffs give us great power to negotiate. Always have. I used it very well in the first administration, as you saw, but now we’re taking it to a whole new level.”

Stocks suffered a global meltdown, the US dollar crumbled and oil prices were set for their worst week in months as analysts warned the tariffs could dent demand, upend supply chains and hurt corporate profits.

Trump says the “reciprocal” tariffs are a response to barriers put on US goods, while administration officials said the tariffs would create manufacturing jobs at home, although they cautioned it would take time to see results.

Since returning to the White House in January, Trump’s on-again, off-again tariff threats have rattled consumer and business confidence.

Trump could step back again, as the reciprocal tariffs are not due to take effect until April 9.

Economists say the tariffs could reignite inflation, raise the risk of a US recession and boost costs for the average US family by thousands of dollars.

Canada and Mexico, the largest US trading partners, were not hit with targeted tariffs on Wednesday, but they already face 25 per cent tariffs on many goods and now face a separate set of tariffs on auto imports.]

Superannuation funds are urgently contacting members whose accounts have been targeted by hackers, as many frantically struggle to check their balances.

Cybersecurity experts are calling for greater safeguards, but warn against widespread panic after reports half a million dollars had been stolen in the hack.

Hundreds of Australians had their superannuation targeted, with funds managing more than $1 trillion in assets facing a co-ordinated online attack using stolen passwords.

However, only a small fraction of those targeted have lost funds.

Hostplus, Rest, AustralianSuper and Australian Retirement Trust were among the funds hit in the attack, national cyber security co-ordinator Lieutenant General Michelle McGuinness confirmed on Friday. 

The nation’s biggest fund AustralianSuper said hackers allegedly sought lump sum withdrawals from up to 600 accounts. 

Its more than 3.4 million members subsequently struggled to log in amid high call-centre traffic and intermittent outages to online services, but those trying to gain access were warned they may not like what they see.

“Even though you may not be able to see your account, or you are seeing a $0 balance, your account is secure,” the fund said, assuring members it was a temporary glitch.

Media reports say four customers lost money, with up to $500,000 stolen across the accounts.

Digital forensics expert Andrew Collins was surprised the hackers had any success.

“(Superannuation funds) do a very good job, because they protect an awful lot of money,” he told AAP.

The former long-time healthcare and government tech executive said security teams would be working around the clock and customers should “just let it play out”.

“There’s no need to sort of panic over it,” he said.

Investigators should look at common denominators between the users who reportedly had money stolen, he said.

“We do find a lot of users are their own worst enemy in this case,” he said.

Cybersecurity expert Simon Smith said individuals should not be blamed for such an “unbelievable” breach.

“If this is what they say it is, then it’s an absolute negligence on each of those superannuation companies’ behalf,” he told AAP.

Multiple experts have said enforcing multi-factor authentication, requiring uniquely generated codes in addition to a password, needs to be implemented for all superannuation funds.

Insignia Financial, which oversees brands including MLC and IOOF, said about 100 accounts on its Expand platform had been targeted, but no financial impact to customers had been detected. 

Rest said 8000 accounts may have had personal information accessed but no funds were transferred.

The attack took place on the weekend, and follows rising reports of online security threats.

Superannuation and banking firms were working with government agencies to respond to the attack, Lt Gen McGuinness said.

Superannuation funds are urging members to check for signs of fraud, ensure banking and contact details are correct, and change passwords if they are not unique to their account.

The Association of Superannuation Funds of Australia also confirmed members’ funds had been stolen.

“While the majority of attempts were repelled, unfortunately a number of members were affected,” it said in a statement.

Prime Minister Anthony Albanese said government agencies would investigate, warning online attacks had become common.

“There is an attack, a cyber attack, in Australia about every six minutes,” he said.

The Australian Signals Directorate Annual Cyber Threat Report in 2024 revealed cyber crime reports had increased 12 per cent, with an average of 100 calls per day to the Australian Cyber Security Hotline.