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The tariffs being discussed are notably higher than the current 10% rate that Australian products are subjected to. If implemented, these tariffs could have broad implications across various Australian industries, including agriculture, mining, and manufactured goods, which rely heavily on exports to the United States.
Government Response and Outlook
Assistant Treasurer Daniel Molino acknowledged the possibility of increased tariffs but emphasized Australia's preference for avoiding such measures altogether. He stated, "We would rather a situation in which the world doesn't go down the path of imposing tariffs." Nonetheless, Molino assured that Australia continues to engage "intensely" with the U.S. government in ongoing negotiations, advocating for favorable terms.