Overview

• Trade Minister Don Farrell described his June meeting in Paris with Jamieson Greer as amicable and vowed to continue open discussions with US officials on tariff removals.
• The United States has imposed a 50% levy on Australian steel, a 25% tariff on aluminium and a 10% duty on other exports since March.
• Australia runs a trade imbalance with the US, importing roughly $70 billion worth of goods compared to about $30 billion in exports each year.
• Prime Minister Anthony Albanese is expected to meet President Donald Trump on the sidelines of the G7 summit in Canada to seek exemption from the levies and explore US beef imports under strict biosecurity safeguards.
• Australia is also advancing negotiations on a trade agreement with the European Union ahead of a planned visit by EU President Ursula von der Leyen in July or August.