AUSTRALIA FM SAYS TO DIVERSIFY TRADE RELATIONS IN RESPONSE TO US TARIFFS

CANBERRA, April 2 (Bernama-Xinhua) -- Australia must diversify its trade relations in response to US tariffs, Foreign Affairs Minister Penny Wong has said, reported Xinhua.

The Australian government, she said, is "realistic" about its chances of earning exemptions from a new round of tariffs expected to be announced by US President Donald Trump in Washington on Wednesday.

"President Trump has made it very clear that imposing tariffs is a central plank of his economic agenda," Wong told Australian Broadcasting Corporation (ABC) radio.

"What we have to do is make sure we are resilient in a time of change, and in the context of both trade and other engagements such as research, we have to work at diversifying our relationships," she said.

A report released by the US Trade Representative's office on Monday identified Australia's biosecurity, pharmaceutical and news bargaining laws as unresolved issues affecting American exports.

Wong said on Wednesday that Australia is not willing to "trade away" healthcare or biosecurity in exchange for tariffs exemptions. 

In a separate interview, Murray Watt, the Minister for Employment and Workplace Relations and a fellow member of Albanese's Cabinet, said that the government is "certainly concerned" about the risk of more tariffs being imposed on the Australian industry.

Watt told Sky News Australia that the government has not yet been informed of any outcome from the Trump administration.

Trump's new tariffs are set to be announced amid Australia's general election campaign.

On the campaign trail for the May 3 election on Tuesday, both incumbent Prime Minister Anthony Albanese and opposition leader Peter Dutton ruled out negotiating with the United States on trade grievances.

Nine Entertainment newspapers reported on Tuesday night that the government has advised the agriculture industry to expect tariffs of 10 per cent or more on beef and other products.

According to the Australian Bureau of Agricultural and Resource Economics and Sciences, agricultural exports to the United States in 2023-24 amounted to A$7.13 billion (US$4.48 billion), making it the second-most valuable market behind China.  

-- BERNAMA-XINHUA