FX.co ★ Australia Slams Trump Tariffs but Rules Out Retaliation

President Donald Trump's recent imposition of a 10% tariff on Australian products has been met with disapproval by Prime Minister Anthony Albanese, who described the action as "not the act of a friend" on Thursday. Highlighting the move as both illogical and contrary to the spirit of the U.S.-Australia partnership, Albanese categorically stated that Australia would not retaliate with its own tariffs. He expressed concerns that such actions could lead to increased costs for Australian households. "We will not participate in a downward spiral that results in higher prices and slower growth," Albanese affirmed. Instead, he announced that Canberra would aim to negotiate the tariffs' removal through dialogue rather than resorting to dispute mechanisms within the countries' Free Trade Agreement. Reflecting this stance, Trade Minister Don Farrell emphasized that Australia is actively exploring new market opportunities in regions such as India and the Middle East, alongside efforts to rekindle dormant trade negotiations with the European Union.