US president Donald Trump when he announced coming ag product tariffs before the US Congress recently.

US president Donald Trump’s decision to not exempt Australia from US tariffs on steel and aluminium has elevated red meat industry concerns about forecast action against ag product imports into the US.

And Meat & Livestock Australia is monitoring the situation, but is yet to model the risk of tariffs to the Australian red meat industry, the MLA Sheep Industry Projections webinar was told today.

The Trump administration recently forecast it would impose tariffs on ag products from 2 April; however, no further details have been released.

Steel and aluminium tariff ‘entirely unjustified’ – Albanese

After the White House confirmed today that it is not granting Australia or any other nation an exemption from tariffs imposed from today, Australian Prime Minister Anthony Albanese said the 25 percent tariff decision was concerning and “entirely unjustified.”

“This is against the spirit of our two nations’ enduring friendship and fundamentally at odds with the benefits that our economic partnership has delivered over more than 70 years.

“Australia has no tariffs on goods from the United States and of course we have a free trade agreement with the United States.”

Mr Albanese said Australia has a close relationship with the United States.

“Friends need to act in a way that reinforces, to our respective populations, the fact that we are friends,” Mr Albanese said.

“This is not a friendly act.

“But it is imposed on every country, that is important,” he said.

Mr Albanese said his government would continue to put forward a very strong case for an exemption, but noted this could take months.

Mr Albanese said Australia would not retaliate with reciprocal tariffs on US imports, which would increase prices to consumers and inflation. He said the US president’s tariffs and escalating trade tensions were a form of “economic self-harm” and a recipe for slower growth and higher inflation.

NFF supports a considered and measured approach

National Farmers’ Federation president David Jochinke said the NFF supports a considered and measured approach being taken as officials work through this and any future developments.

“The NFF has long championed free and fair trade, not just for agriculture but all industries, recognising its role in global economic growth and stability.

“We will continue to work alongside the Australian Government and our members to uphold these principles.

Australia’s trade with the United States is underpinned by the Australia-United States Free Trade Agreement, which has ensured tariff-free trade for 20 years.

Australian agriculture is a key destination for United States investment capital, farm equipment, and crop science and agricultural innovation.

The NFF and its members are engaged with politicians from both sides, including the Trade and Agriculture ministers, and through diplomatic channels.

MLA global supply analyst Tim Jackson said MLA was “quite closely” monitoring Australia’s tariff risk into the US, but any modelling needed specifics.

“My understanding presently is because there hasn’t been … we don’t know the specifics, so it wouldn’t be possible to that kind of modelling at the present time.

“My understanding is that there isn’t any specific modelling currently on that type of hypothetical.”