The unilateral action the Trump Administration has taken today against every nation in the world does not come as a surprise.
 
For Australia, these tariffs are not unexpected – but let me be clear, they are totally unwarranted.
 
President Trump referred to ‘reciprocal’ tariffs.
 
Australia does not impose tariffs on the United States.
 
A reciprocal tariff would be zero.
 
The Administration’s tariffs on have no basis in logic - and they go against the basis of our two nations’ partnership.
 
This is not the act of a friend.
 
Today’s decision will add to uncertainty in the global economy - and it will push up costs for American households.
 
It is the American people who will pay the biggest price for these unjustified tariffs.
 
This is why our Government will not be seeking to impose reciprocal tariffs.
 
We will not join a race to the bottom that leads to higher prices and slower growth.
 
We will stand up for Australia.
 
We will continue to make the strongest case for these unjustified tariffs to be removed from our exporters. 
 
Our existing Free Trade Agreement with the United States contains dispute resolution mechanisms.
 
We want to resolve this issue without resorting to using these - as we support continued constructive engagement with the United States.
 
Our shared history, our friendship, our alliance – these are all bigger than a poor decision.
 
But the Australian people have every right to view this action by the Trump Administration as undermining our free and fair trading relationship and counter to the shared values that have always been at the heart of our two nations’ longstanding friendship.
 
This will have consequences for how Australians see this relationship.
 
These are uncertain times - but all Australians can be certain of this.
 
Our Government will always stand up for Australian jobs, Australian industry, Australian consumers – and Australian values.
 
That is why we have been crystal clear about what is not up for negotiation.
 
Australia is a great trading nation - but we will never trade away the things which make us the best country in the world.
 
The Pharmaceutical Benefits Scheme is an Australian institution.
 
The investments we are making in the PBS mean that life-saving and life-changing medicines which would otherwise cost people thousands of dollars, will be no more than $25 a script.
 
Under Labor that will never be up for negotiation.
 
We don’t want our health system to be more American, we only want it to be more Australian.
 
The same is true for agriculture.
 
We have made it very clear to the United States that we will not compromise on biosecurity.
 
We will not weaken the measures that protect our farmers and producers from the risks of disease or contamination. 
 
Indeed, we have made it a priority to strengthen biosecurity.
 
Because one of the things that makes Australian food and fibre the best in the world is that people everywhere know that it stands for quality – and safety.
 
Another key point was technology.
 
Our Government stands by our Media bargaining code.
 
We strongly support local content in streaming services: so Australian stories stay on Australian screens.   
 
And we have no intention of repealing the world-leading legislation we passed that set the minimum age for social media at 16.
 
That policy is about what’s best for Australian children – and Australian parents.  
 
These are our priorities. We stand up for Australia’s interests.
 
While we have an important trading relationship with the United States, it only accounts for less than 5 per cent of our exports.
 
Many other countries will be hit harder by today’s decision than Australia - and no nation is better prepared than Australia.
 
For three years, our Government has been working to make Australia’s economy more resilient – and our exports more diverse.
 
Deepening our economic engagement in North East Asia, South East Asia and India – the fastest growing region of the world in human history.
 
We are implementing our Southeast Asia Economic Strategy, developed by Nicholas Moore and our Roadmap for Economic Engagement with India to deliver for Australian businesses.
 
We have signed a new trade agreement with the United Arab Emirates – a gateway to the markets of the Middle East.
 
We are boosting exports of Australian beef and red meat, expanding trade with the UK, European Union and Indonesia - and clearing away over $20 billion in trade impediments with China.
 
Backing local manufacturing with our Future Made in Australia plan.
 
Investing in the skills, technology and energy to make more things here and stand on our own two feet.
 
We are building on these actions today:
 
First, we will strengthen our anti-dumping regime to safeguard key sectors like steel, aluminium and manufacturing against unfair competition.
 
Second, we will provide $50 million to affected sectors, particularly through peak bodies to secure and grow new markets for their world class products.
 
This work will be backed by five new business and investment missions to priority markets within the first 100 days of our second term.
 
Third, we will establish a new Economic Resilience Program through our National Reconstruction Fund.
 
This will provide $1 billion in zero interest loans for firms to capitalise on new export opportunities.
 
Fourth, just as we are already encouraging more people to Buy Australian – our Labor Government will buy Australian too.
 
This means Australian businesses will be front of the queue for government procurement and contracts.
 
Maximising value for local businesses and the taxpayer.
 
And fifth a Labor Government will establish a Critical Minerals Strategic Reserve – and I will have more to say on this.
 
The world has thrown a lot at Australia over the past few years.
 
We cannot control what challenges we face - but we can determine how we respond.
 
Our Government will always deal with global challenges, the Australian way.
 
Standing up for our national interests, backing our people – and building for the future.