Trump has increased China’s tariffs to 125%, but the rest of the world will win a 90-day suspension with mutual tariffs.
At a press conference in Cairns, which was campaigning ahead of the federal election on May 3, Albanese showed Australia would retain itself in negotiations.
“We speak for ourselves. The Australian position is that free and fair dealing is a good thing,” he told reporters.
Meanwhile, Opposition leader Peter Dutton was also asked the same question during his campaign in Melbourne.
“Australia should have a strong trade relationship with China in our mutual interests. We want them to expand our factories so that we can export to the world,” Dutton told reporters.
“When the Union was in the government, we signed 11 free trade agreements. Do you know how many people this government signed? One free trade agreement.
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Ambassador Xiao called on Canberra to maintain open and cooperative trade ties, saying Beijing is ready to “join” with Australia and other countries and is ready to respond to changes.
Deputy Prime Minister Richard Marles said Australia will focus on his own interests.
“Well, we’re not trying to create a common cause with China, so I can make it completely clear. We pursue Australia’s national interests. That’s what we’re doing. And we’re not going to reach out to China in any contest going on in the world,” he told Sky News.
The man said Australia’s focus is not on China, but on diverse trade with countries around the world.
Trump’s tariffs
Trump raised China’s tariffs to 125% after the country retaliated 84% tariffs.
Amid rising tariffs in Beijing, Trump advised on April 9 that he would stop the mutual global tariffs for 90 days.
“Based on the lack of respect that China has shown to the global market, I am here raising the tariffs charged to China by the United States to 125% and immediately taking effect,” Trump wrote of the True Society.
“I hope at some point we will recognize that in the near future, the era in which China will tear the US and other countries apart is no longer sustainable or acceptable.”
Reducing tariffs in all countries other than China means that Australia’s 10% tariffs are no longer a better deal than other countries.
Albanese previously claimed that other countries haven’t gotten better deals from Trump’s tariffs as much as Australia.
In response to this global news and the fact that most countries today are in the same position as Australia, there is a 10% tariff on exports to the US, and the Prime Minister has pledged to continue fighting for better deals.
“The changes that have emerged from day to day, what they emphasize is the need for a clear, coordinated position that is considered and coordinated when negotiating these international issues.”
Australian markets responded positively to Trump suspending on April 10th in other parts of the world with mutual tariffs, with both stocks and the Australian dollar recovering.
The benchmark S&P/ASX 200, made up of the top 200 Australian companies, has bounced 4.7% since trading began on April 10th.
