Australia intends to expand trade with China amid US tariffs

Australia plans to diversify its export routes and strengthen trade ties with China and other countries in response to the imposition of new duties by the United States. This was announced on May 6 by Australian Foreign Minister Penny Wong on ABC radio.

According to Wong, about $13 billion worth of trade barriers have been lifted between Canberra and Beijing in recent years. The Minister stressed that the country intends to continue developing cooperation with China and at the same time expand its access to other markets.

Wong also noted that the tariff policy of US President Donald Trump in his current term is "tougher" compared to the previous one, and the duties imposed on Australia are "unfair and unjustified."

"We will continue to defend our position and engage in dialogue with the American administration, both in relation to the steel industry and in a broader context," the Foreign Minister added.

Trade Warrior: How new US duties will affect the global economy

Donald Trump announced the introduction of fees for all products supplied to the United States.

On May 3, Warren Buffett, the head of Berkshire Hathaway holding, also criticized the tough trade policy of the US president. He noted that trade should not be about weapons, and imposing punitive duties on the rest of the world was a big mistake. Buffett explained that in the long run, protectionist policies can have negative consequences for the United States.