Australia's trade minister Steven Ciobo speaks to reporters in Sydney
- Says that Australia seeks exemption to US steel tariffs
- Urgently seeking to speak with US commerce secretary Wilbur Ross
- The imposition of a tariff like this will distort trade and lead to a loss of jobs
- Also says that Australia PM Turnbull has raised the matter with Trump 'directly'
- If the reaction from major economies got bad enough, could possibly see a recession
It's been all about the responses this morning to the tariffs imposed by Trump on steel and aluminium.
Here's a recap ICYMI:
- Trump will impose 25% tarriff on steel and 10% on aluminum
- US plan to impose tariffs on steel is violating WTO rules
- Canada trade minister: Any US tariff quota imposed on Canadian steel would be unacceptable
- Toyota warns new US tariffs on steel and aluminium will raise car, truck prices in the US
- Steel & aluminium US trade tariffs 'stupid'. China likely to retaliate.