Government ‘won't give up' on US tariff reprieve after Trump celebrates end of beef ban
The Trump administration hailed the deal, announced on Thursday, as a win even as analysts said the step was unlikely to significantly boost US shipments because beef prices are much lower in Australia.
'The other Countries that refuse our magnificent Beef are ON NOTICE,' Trump said in a post on Truth Social on Thursday. 'All of our Nation's Ranchers, who are some of the hardest working and most wonderful people, are smiling today, which means I am smiling too. Let's keep the Hot Streak going. IT'S THE GOLDEN AGE OF AMERICA!'
Since returning to the White House in January, Trump has attempted to renegotiate trade deals with multiple countries that he asserts have taken advantage of the United States over the years. Many economists have disputed Trump's characterisation.
Farrell said the beef decision was science-based and unconnected to trade negotiations. 'We haven't done this in order to entice the Americans into a trade agreement,' he said in an appearance at the Lowy Institute think tank on Friday.
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'We think they should do that anyway. We think the Americans should honour the terms of our free trade agreement.'
Asked if it was fanciful to expect Australia could be given an exemption to Trump's baseline 10 per cent tariff when no other country has achieved this, Farrell said: 'I think eventually the Americans will come to the realisation that tariffs are an act of self harm that are actually pushing up inflation, pushing up unemployment and reduced their retirement benefits and economic growth. So I don't think we should give up on the ambition to get those tariffs removed.'
Farrell said that because of the shift away from free trade under Trump 'what we risk seeing is a shift from a system based on shared prosperity and interdependence to one based solely on power and size'.
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