Australia news live: PM ‘very happy' to meet Trump; Exports at risk of tumbling $30b; Trump pushes for ceasefire in Gaza
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7.17am
PM 'very happy' to meet Trump: Plibersek
By Cindy Yin
Social services minister Tanya Plibersek has confirmed organisation of a meeting between prime minister Albanese and US president Donald Trump is underway after their first meeting was cancelled earlier this month.
The US president was forced to leave the G7 summit early to deal with the Iran-Israel war in the Middle East, a blow for Albanese who was due to meet with him face to face for the first time to discuss issues including trade and AUKUS.
Speaking on Channel Seven's Sunrise this morning, Plibersek said the government was awaiting confirmation for a suitable time for the two leaders to meet.
'I'm sure the prime minister is very much looking forward to it. We're awaiting confirmation of a suitable time, and I'm sure when that confirmation comes through the PM will be very happy to visit Washington,' she said.
'He's had a number of calls with president Trump. There's a lot of communication going on both ways, but it's not the sort of thing where you pop in with a plate of scones, hoping someone's home. The organising of the visit is in train.'
It comes as foreign minister Penny Wong is set to meet her US counterpart, Secretary of State Marco Rubio in Washington DC this week.
6.53am
Australian exports to tumble $30b as Trump's tariff war hits home
By Nick Toscano
Australia is headed for a $27 billion collapse in income from two of its biggest exports – liquefied gas and iron ore – as Donald Trump's trade war with China deepens fears for the global economy and stifles demand for commodities.
The outlook for some of Australia's largest mining and energy companies has deteriorated since April, when the United States imposed across-the-board tariffs at much higher rates than many had been expecting, leading to increased uncertainty and lower global growth forecasts.
While Trump gave Australia the minimum baseline tariff rate of 10 per cent, the fallout for the country is expected to be wider-reaching as the biggest Asian buyers of Australia's natural resources, particularly China, face much higher US tariffs amid an already sluggish time for their economies.
'Rising trade barriers – and uncertainty over how high these barriers will settle – have disrupted trade between the US and its major partners and caused businesses and consumers to adopt a 'wait-and-see' approach,' the Department of Industry, Science and Resources says in its latest export forecast report, to be released on Monday.
'The associated uncertainty is likely to impinge on world commodity demand, as the nations that Australia supplies are impacted.'
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