During a press conference in Cairns, where he was campaigning ahead of the May 3 federal election, Albanese indicated Australia would hold its own in negotiations.
“We will speak for ourselves. Australia’s position is that free and fair trade is a good thing,” he told reporters.
Meanwhile, Opposition leader Peter Dutton was also asked the same question while campaigning in Melbourne.
“Australia should have a strong trading relationship with China, in our mutual interests. I want the factories to expand so we can export to the world,” Dutton told reporters.
“When the Coalition was in government, we signed 11 free trade agreements. Do you know how many this government signed? One free trade agreement. So, I want our industry here to grow.”
Ambassador Xiao called on Canberra to maintain an open and cooperative trade relationship and said Beijing stood ready to “join hands” with Australia and other countries to respond to changes, referring to the Trump tariffs.
Deputy Prime Minister Richard Marles said Australia would focus on its own interests.
“Well, we’re not about to make common cause with China. So I can be completely clear on that. We pursue Australia’s national interest. That’s what we’re doing. And we’re not going to be holding hands with China in respect to any contest that’s going on in the world,” he said on Sky News.
Males said Australia’s focus was not on China but on diversifying trade with countries around the world.
Trump Tariffs
Trump has increased tariffs on China to 125 percent after the country retaliated an 84 percent tariff.While increasing tariffs on Beijing, Trump advised on April 9 that he would halt reciprocal global tariffs for 90 days.
“Based on the lack of respect that China has shown to the world’s markets, I am hereby raising the tariff charged to China by the United States of America to 125 percent, effective immediately,” Trump wrote on Truth Social.
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other countries, is no longer sustainable or acceptable.”
The lowering of the tariff for all countries aside from China means that Australia’s 10 percent tariff is no longer a better deal than other countries.
Albanese had previously argued that no other country got a better deal out of Trump tariffs than Australia.
Responding to this global news and the fact that now most countries are in the same position as Australia with a 10 percent tariff on exports to the United States, the prime minister promised to continue to fight for a better deal.
“The changes that have occurred from day-to-day, what they emphasise is the need for a considered, calibrated, clear position when negotiating over these international issues.”
Australian markets reacted positively to Trump’s pause on reciprocal tariffs to the rest of the world on April 10, with both shares and the Australian dollar recovering.
The benchmark S&P/ASX 200, comprising of the top 200 companies in Australia, has bounced back by 4.7 percent since trading opened on April 10.
