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Sky News AU
31-05-2025
- Business
- Sky News AU
Albanese government condemns Trump's steel tariffs as 'unjustified' and 'not what you do to a friend', but won't retaliate
The Albanese government has intensified its criticism of US President Donald Trump's decision to double tariffs on imported Australian steel, but will not retaliate. Employment and Workplace Relations Minister Amanda Rishworth told Sky News Sunday Agenda the government would continue to 'work through' the issue. The hope at senior levels of the government is that after the Trump tariff approach has hurt the American economy, the mid-term elections next year will change the administration's approach. 'I'll echo exactly what the Trade Minister has said—these are unjustifiable moves and not what you do to a friend and an ally,' Ms Rishworth said on Sunday. 'We've continued to work through this and be in contact with Americans in the administration to work through in a methodical and consistent way.' Ms Rishworth argued the tariffs were harmful to both nations and contrary to the longstanding cooperative relationship between Australia and the United States. 'More free trade between our two countries is in the interests of both our countries, and we will keep consistently putting this forward over and over again.' The remarks come as President Trump prepares to raise tariffs on imported steel and aluminium from 25 per cent to 50 per cent starting Wednesday. The move, part of what Trump calls a strategy to 'secure the steel industry' in the United States, has sparked widespread backlash from global trading partners. Speaking on Saturday, Trade Minister Don Farrell labelled the decision 'the wrong course of action' and urged the US administration to reverse the hike immediately. 'This is not the act of a friend,' Mr Farrell said at a press conference. 'We believe this will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations. 'The Albanese government believes in free and fair trade. We do not believe that this increase in tariffs is consistent with that. 'We call upon the Trump Administration to drop these tariffs and return to the tariff-free arrangement between Australia and the United States that exists under our free trade agreement.' Australia exported $237 million in steel and iron products to the United States in 2023 and $275 million in aluminium in 2024, according to the United Nations Comtrade database. The sudden tariff hike has put hundreds of millions of dollars in trade—and potentially tens of thousands of Australian jobs—at risk. Asked whether Australia would retaliate, Mr Farrell said the government would adopt the same calm and strategic approach it used in resolving its trade dispute with China. 'We're going to do exactly what we did with China. We are going to coolly and calmly argue our case for the removal of these tariffs,' he said. 'People said when we came to office three years ago, you'll never get rid of $20 billion worth of tariffs — well, we did.' Mr Farrell confirmed he had asked Australian Ambassador to the US Kevin Rudd to arrange a meeting with American counterpart Jameson Greer for negotiations in Paris. 'We need to put our arguments that this is the wrong economic policy,' he said. 'My job is to convince the Americans to reverse this decision and get back to a simple and sensible policy — free and fair trade with no tariffs.' Prime Minister Anthony Albanese will have a highly-anticipated meeting with President Trump at the G7 Summit in Kananaskis from June 15 to 17, 2025. President Trump's tariff plan has drawn criticism from other major trading partner, including Canada and the European Union. The European Commission warned it would 'increase costs for consumers and businesses on both sides of the Atlantic.' The EU has signalled it is prepared to impose countermeasures in response. Back home, Minister Rishworth stressed that Australia would not be drawn into retaliation but would remain firm and diplomatic in pressing its case.
Time of India
07-05-2025
- Business
- Time of India
Indian Spirits cos stirred up to fight a premium battle as British scotch whiskies expected to flood India at reduced prices
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel A slew of premium British scotch whiskies are expected to flood India at much reduced prices from the UK with import tariffs on whisky and gin set to be halved to 75% from 150% under the new India-UK FTA deal announced late Tuesday, industry executives said, further bolstering an executive of an Indian company said this will lead to increased competition for domestic liquor companies, which are turning to premiumisation. "We are concerned about the impact on local spirits companies, since the FTA may lead to cheaper scotch imports .'In 2024, India's imports of whisky, gin and other spirits stood at $439.04 million, according to the United Nations Comtrade database on international trade. 'The treaty will enable improved accessibility and choice of scotch for Indian consumers, the largest whisky market,' Praveen Someshwar, MD of spirits maker Diageo India , UK-headquartered Diageo sells Johnnie Walker Scotch whisky, Tanqueray gin, Baileys cream liqueur and Smirnoff vodka. Executives said the FTA will make available affordable premium foreign brands and spark competition for domestic liquor companies, which are increasingly benefitting from premiumisation.'This signals a positive shift for India's alco-bev sector, particularly for companies that are premiumising,' said Abhishek Khaitan, managing director of Radico Khaitan . He said as the largest importer of scotch whisky for blending, Radico sees 'significant potential for cost advantages through the expected reduction in customs duties.'Khaitan said Radico plans to import scotch malt worth `250 crore in fiscal year 2025-26. The tariffs on spirits will be halved from 150% to 75% before being reduced to 40% in a decade."We anticipate that this will accelerate the ongoing trend of premiumisation within the alcobev sector, positively impacting the exchequer of Indian states. India will also have access to premium international brands at affordable prices,' said Sanjit Padhi, chief executive of Indian Spirits and Wines Association of India Paul P John, chairman of the homegrown John Distilleries said it is crucial to ensure that both nations maintain a level playing field, safeguarding the interests of domestic industries and promoting fair competition.
