Anthony Albanese has stated Donald Trump's decision not to grant Australia an exemption to steel and aluminium tariffs is "entirely unjustified" and goes "against the spirit" of the relationship with one of our closest allies.
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00:00Such a decision by the Trump administration is entirely unjustified.
00:06This is against the spirit of our two nations enduring friendship
00:11and fundamentally at odds with the benefits that our economic partnership has delivered over more than 70 years.
00:20Australia has no tariffs on goods from the United States
00:24and of course we have a free trade agreement with the United States.
00:28Our government will continue to put forward a very strong case for an exemption
00:34noting that the last time this occurred it took months for that exemption to be granted.
00:40We will advocate for Australian trade with the United States at every level and through every channel.
00:48Australia will continue working hard for a different outcome
00:52and discussions with the Trump administration are ongoing.
00:57Our government is prepared and has been engaging directly with the Australian steel and aluminium industry
01:04and will continue to work through this with them.
01:08As with other products and resources that Australia has
01:12we will continue to diversify markets for our products which are in demand globally.
01:19Australian steel and aluminium exports to the United States represent less than 0.2%
01:27of the total value of our exports.
01:30Neither is in the top 10 of what Australia sells to the United States.
01:37Tariffs and escalating trade tensions are a form of economic self-harm
01:43and a recipe for slower growth and higher inflation.
01:48They are paid by the consumers.
01:51This is why Australia will not be imposing reciprocal tariffs on the United States.
01:57Such a course of action would only push up prices for Australian consumers and increase inflation.
02:05We will continue to engage constructively with the United States
02:09and to make the case for Australian trade and the benefits that it gives to people in the United States of America.
02:18Around the world and here at home
02:20our government will always stand up for Australian jobs and Australian industries.
02:25All Australians of course can join this effort
02:28and support our industries by taking the opportunity to buy Australian
02:32and the March Budget will provide additional support for our Buy Australian campaign
02:39which we will be announcing as part of that budget process.