00:00The unilateral action that the Trump administration has taken today against
00:05every nation in the world does not come as a surprise. For Australia these
00:10tariffs are not unexpected but let me be clear they are totally unwarranted.
00:17President Trump referred to reciprocal tariffs. A reciprocal tariff would be
00:23zero not 10%. The administration's tariffs have no basis in logic and they
00:31go against the basis of our two nations partnership. This is not the act of a
00:36friend. Today's decision will add to uncertainty in the global economy and it
00:42will push up costs for American households. It is the American people who
00:47will pay the biggest price for these unjustified tariffs. This is why our
00:53government will not be seeking to impose reciprocal tariffs. We will not
00:58join a race to the bottom that leads to higher prices and slower growth. We will
01:04stand up for Australia. We will continue to make the strongest case for these
01:09unjustified tariffs to be removed from our exporters. Our existing free trade
01:15agreement with the United States contains dispute resolution mechanisms.
01:20We want to resolve these issues without resorting to using these as we do
01:27support continued constructive engagement with our friends in the
01:31United States. Our shared history, our friendship, our alliance, these are all
01:38bigger than a poor decision. But the Australian people have every right to
01:44view this action by the Trump administration as undermining our free
01:49and fair trading relationship and counter to the shared values that have
01:54always been at the heart of our two nations long-standing friendship. This
01:59will have consequences for how Australians see this relationship. These
02:05are uncertain times but Australians can be absolutely certain of this. Our
02:12government will always stand up for Australian jobs, Australian industry,
02:17Australian consumers and Australian values. That is why we've been crystal
02:23clear with the United States about what is not up for negotiation. Australia is a
02:29great trading nation. One in four of our jobs depends upon trade but we'll never
02:35trade away the things which make us the best country in the world.
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