Federal Election 2025: Anthony Albanese, Peter | Australian Markets

Donald Trump’s much-hyped “Liberation Day” is right here.

At about 7am AEDT, the US President is predicted to unveil his sweeping worldwide tariffs, that are virtually sure to have vital ramifications for Australia, together with the remaining of America’s trading companions.

If it lives up to Mr Trump’s rhetoric, this new American tariff system threatens to be astonishingly complicated, with completely different charges imposed on each product imported to the United States, and people charges adjusted for every nation primarily based on a vary of components, equivalent to any current tariffs within the different direction or any subsidies, for the related industry, from that nation’s authorities.

The impact on the worldwide financial system, then, could possibly be immense. And Australia is unlikely to flee unscathed.

The noises coming from Anthony Albanese during this primary week of the election marketing campaign have been cautiously pessimistic.

The Prime Minister has held open the likelihood that Australia’s negotiations with the US can pay dividends and spare us from the worst of the tariffs.

He even dined with golfer Greg Norman in Melbourne on Wednesday night time, who has beforehand acted as a go-between for the Australian authorities and Mr Trump.

But the indicators are that he expects no exemptions to be forthcoming, and has left open the option of taking World Trade Organisation motion.

“We are prepared for it,” Mr Albanese mentioned on Wednesday.

“We’ll wait and see if President Trump pursues his position, which is to punish, essentially, the imports that the United States has from all over the world.

“It doesn’t make a difference to prices here in Australia. What it does is increase prices for American consumers.

“That’s why tariffs are an act of economic self-harm.

“But we have been working hard on a range of measures to prepare if there is a negative result.”

Meanwhile, Trade Minister Don Farrell has reportedly been telling varied stakeholders to brace for 20 per cent tariffs throughout the board.

At varied phases all through the week, Mr Albanese has identified that fewer than 5 per cent of Australia’s exports go to the US.

But these industries nonetheless make use of people, and have nonetheless relied on American business to help maintain them. So the hazard could be very actual.

Peter Dutton has an benefit right here insofar as he’s not in energy, and thus bears no duty for no matter ache Mr Trump’s insurance policies will trigger.

Earlier this week, chatting with Sky News, Mr Dutton argued he can be a more formidable diplomatic pressure in Australia’s dealings with the Trump administration.

”If I need to have a battle with Donald Trump or some other world chief to advance our nation’s curiosity, I’ll do it in a heartbeat,” he mentioned.

Both leaders will probably be underneath intense scrutiny on Wednesday as they reply to Mr Trump’s tariffs, and lay out their competing plans for Australia to deal with them.

Mr Albanese will probably be beginning the day in Melbourne, whereas the Opposition Leader is in Perth – the place will probably be solely 4am when President Trump broadcasts his plan.

More to come back