Finance news you need to know today

ONE of Donald Trump’s top trade officials has confirmed Australia and other allies will be slapped with stiff new tariffs on steel and aluminium.

AUSTRALIAN stocks are expected to recover some of last week’s losses suffered on the back of US President Donald Trump’s tariffs announcement. At 0700 AEDT on Monday, the share price futures index was up 12 points, or 0.2 per cent, at 5,924.

Meanwhile the Australian dollar was slightly higher against the US dollar after financial markets stabilised somewhat after the initial shock from the US government’s announcement that it will impose tariffs on its trading partners. At 0700 AEDT on Monday, the Australian dollar was worth 77.70 US cents, up from 77.61 US cents on Friday.

WORLD FINANCE UPDATE:

LOS ANGELES — One of US President Donald Trump’s top trade officials has confirmed Australia and other allies will be slapped with stiff new tariffs on steel and aluminium.

WASHINGTON — A top trade adviser to US President Donald Trump says a process will be in place for businesses to get exemptions from the White House plan to place steep tariffs on steel and aluminium, offering the first indication a tariff hike could be less broad than first thought.

MEXICO CITY — The top US Republican legislator overseeing trade policy says all fairly traded steel and aluminium should be excluded from President Donald Trump’s tariffs, especially those of NAFTA partners Canada and Mexico.

LONDON — Prime Minister Theresa May says she has given an “ambitious, credible vision” with “very practical” proposals for securing an agreement on Britain’s exit from the European Union after critics claimed the latest plan lacked detail.

FRIDAY HIGHLIGHTS:

RETAIL FOOD GROUP — Donut King and Michel’s Patisserie chain owner Retail Food Group has admitted it needs to do more to help its struggling franchisees after flagging the closure of up to 200 stores.

ACCC WOOLWORTHS — The competition watchdog is taking Woolworths to the federal court accusing it of labelling its disposable picnic products as biodegradable when they are not.

ASIC RIO TINTO — Australia’s corporate watchdog has begun court action against former Rio Tinto CEO Tom Albanese and his then-CFO over alleged deception in relation to a disastrous $4 billion African coal investment.

MOODYS TARIFFS — Ratings agency Moody’s says new tariffs on US steel and aluminium imports announced by the US president are likely to have a limited impact on steelmakers Asian region, and the impact on individual companies manageable.

FORTESCUE — Iron ore miner Fortescue says it will redeem entirely senior secured notes worth $US2.16 billion ($A2.78 billion) that mature in 2022.

ACCC GAS — The competition watchdog has asked operators of six liquefied natural gas facilities in Western Australia and the Northern Territory to publicly disclose maintenance schedule information that they share with each other.

HOME SALES — Sales of new detached homes fell 2.1 per cent nationwide in January but Australia’s home building industry body believes any continuing downturn is likely to be modest.