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.
Comments