Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

Thank you, Senator Brown, for that very insightful second supplementary question. The Australia-US economic partnership has delivered mutual benefits for over 70 years. We are vital to one another's prosperity. In 2024, two-way investment increased to just over $2.9 trillion, with a 23.8 per cent increase from 2023. While we were disappointed by the decision to impose tariffs on Australia, no country has reciprocal tariffs lower than those of Australia.

Tariffs drive up prices for consumers, including ordinary working families, who will pay more at the checkout for the goods impacted by them. In response to the global uncertainty these tariffs have caused, the Albanese Labor government is implementing a $50 million initiative to support affected sectors and has already completed five new business missions to secure and grow new markets. (Time expired)