{"id":29939,"date":"2025-07-29T01:01:09","date_gmt":"2025-07-29T01:01:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/29939\/"},"modified":"2025-07-29T01:01:09","modified_gmt":"2025-07-29T01:01:09","slug":"live-market-updates-asx-falls-as-trade-optimism-fades-donald-trump-threatens-15-20pc-baseline-tariff","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/29939\/","title":{"rendered":"Live market updates: ASX falls as trade optimism fades, Donald Trump threatens 15-20pc &#8216;baseline&#8217; tariff"},"content":{"rendered":"<p class=\"paragraph_paragraph___QITb\">The United Nations climate chief on Monday urged Australia and T\u00fcrkiye to resolve their long-running tussle over who will host next year&#8217;s COP31 summit, calling the delay unhelpful and unnecessary.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> Australia and T\u00fcrkiye submitted bids to host the high-profile conference in 2022 and both countries have refused to concede to the other side\u00a0ever since.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, which oversees COP summits, said the deadlock was undermining preparations.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> \u201cA decision needs to be made very quickly,\u201d he said at a Smart Energy Council event in Sydney.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> \u201cThe two proponents need to come together and between themselves and within the group to make that decision. The delay in making that decision is unhelpful to the process.\u201d<\/p>\n<p class=\"paragraph_paragraph___QITb\"> The annual UN talks rotate through five regional groups. COP31&#8217;s host must be unanimously agreed upon by the 28 members of the Western Europe and Others Group (WEOG) bloc. The UN had set a deadline of June for the group to reach consensus.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> Australia is seeking to co-host next year\u2019s summit with the Pacific to showcase its renewable energy transition. It had hoped to secure the bid, which has majority backing among its regional group, at COP29 in Azerbaijan.<\/p>\n<p class=\"paragraph_paragraph___QITb\">The UK, a WEOG member, last week reiterated its support for Australia and &#8220;expressed the hope that a decision would soon be reached&#8221; during Australia-UK Ministerial Consultations held in Sydney.<\/p>\n<p class=\"paragraph_paragraph___QITb\">But T\u00fcrkiye has rebuffed calls to drop out of the race, and instead doubled down on its efforts during interim talks in Bonn last month.<\/p>\n<p>We have the numbers, but\u00a0T\u00fcrkiye is closer to most of the attendees<\/p>\n<p class=\"paragraph_paragraph___QITb\">T\u00fcrkiye argues its Mediterranean location would help reduce emissions from flights bringing delegates to the conference, and has pointed out its oil and gas industry is smaller than Australia&#8217;s.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Stiell said the deadlock was now affecting the planning of the COP process, involving thousands of delegates from 200 member countries.<\/p>\n<p class=\"paragraph_paragraph___QITb\">\u201cIn negotiations that are as complex as they are, that lack of clarity creates tensions that are completely unnecessary at this stage,\u201d he said.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Asked for comment, the office of Climate Change Minister Chris Bowen referred to an interview where he said Australia\u2019s bid had the backing of 23 out of 28 WEOG members. <\/p>\n<p class=\"paragraph_paragraph___QITb\"> Australia had also approached T\u00fcrkiye multiple times to find a \u201cwin-win\u201d solution, he said.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> \u201cWe&#8217;ve got the votes. We could have all the votes in the world. If T\u00fcrkiye is not going to withdraw, that&#8217;s still a challenge,\u201d Bowen told The Conversation Politics Podcast on Thursday.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> At the same event, Stiell also called on Australia to set an ambitious 2035 emissions target and accelerate its clean energy transition.<\/p>\n<p class=\"paragraph_paragraph___QITb\"> Australia\u2019s national climate plan, due in September, would be a \u201cdefining moment\u201d that could send a message that \u201cthis country is open for clean investment, trade, and long-term partnerships\u201d, he said.<\/p>\n<p class=\"paragraph_paragraph___QITb\">&#8211; With Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"The United Nations climate chief on Monday urged Australia and T\u00fcrkiye to resolve their long-running tussle over who&hellip;\n","protected":false},"author":2,"featured_media":29940,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[7593,7595,779,84,3355,7598,7597,467,7596,7594,56,54,55,7181],"class_list":{"0":"post-29939","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-asx","9":"tag-australian-dollar","10":"tag-bitcoin","11":"tag-business","12":"tag-dow-jones","13":"tag-live-blog","14":"tag-live-update","15":"tag-markets","16":"tag-nyse","17":"tag-share-market","18":"tag-uk","19":"tag-united-kingdom","20":"tag-unitedkingdom","21":"tag-wall-street"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/29939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=29939"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/29939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/29940"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=29939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=29939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=29939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}