Update for Aus as Trump sends tariff letters
Donald Trump has begun sending out letters to countries that failed to lock in new trading terms with the US.
The letters informed them their exports to the US would be hit with new tariff rates from August 1.
The countries included close allies Japan and South Korea, which both face 25 per cent imposts.
For others, the new rate is as high as 40 per cent.
Australia was not named among those facing 'reciprocal tariffs' announced in April but was instead subjected to the universal 10 per cent taxes on all foreign imports – a position Anthony Albanese has said he did not expect to change.
Opposition finance spokesman James Paterson said on Tuesday any tariffs on Australia were unacceptable but the Prime Minister had not given Australia the 'best chance' of getting a carve out.
'The only fair tariff on Australia would be 0 per cent, and I hope that's what we get,' Senator Paterson told Nine's Today.
'But we haven't given ourselves the best chance of securing that from the Trump administration because the Prime Minister has not even met President Trump now, seven months after he was elected.
'In stark contrast to other world leaders, like the UK Prime Minister Keir Starmer who did secure an exemption from steel and aluminium tariffs for the UK because of the personal relationship that he formed with President Trump.
'I really hope the Prime Minister doesn't leave it any longer before he forms that relationship and argues for the best case possible for our country.' Opposition finance spokesman James Paterson says the 'only fair tariff for Australia' is 0 per cent. David Crosling / NewsWire Credit: News Corp Australia
The UK and Vietnam are the only countries to secure deals with the Trump administration.
Though, neither have escaped the US President's levies altogether, with Vietnam still subject to 20 per cent duties.
UK Prime Minister Keir Starmer has said his efforts to build a strong personal relationship with Mr Trump helped secure tariff leniency, particularly on automakers.
British cars were facing a 25 per cent rate, but that was dropped to 10 per cent.
Similarly, British steel and aluminium have remained at the initial 25 per cent rate, while Australian steel and aluminium have been swept up in the 50 per cent rate.
But speaking to Sky News, Assistant Treasurer Dan Mulino insisted the Albanese government was 'clearly continuing to argue for the best possible deal'.
'My understanding is that we are still at the position of having a 10 per cent tariff imposed, but the good news is that that is the lowest rate that any country has been able to secure,' he said.
'So we'll continue to argue for the best possible deal, and we'll continue to argue for it to be lower than that.'
Mr Mulino went on to cite Productivity Commission analysis that suggested Australia could have an advantage over other countries because 'if we're lower than other countries, that might present opportunities for us to increase our trade with the US'.
'In some situations, the tariffs the US imposing might also offer opportunities for us to secure goods from other countries that might be redirecting their trade to other parts of the world,' he said.
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