President-elect Donald Trump has touted universal trade tariffs of between 10 and 20 percent, sparking concerns about the possible impact on the Australian economy.

Asked by Sky News’ political editor if he had spoken with Mr Lutnick since his appointment, Mr Farrell said no.

“No, no. I submitted a request to have a discussion. It is, I think, good to make contact before the change,” Mr Farrell said.

“We will work with the new President Trump. I have already contacted the Secretary of Commerce to contact him.

Mr Farrell highlighted that the trade relationship between Australia and the United States was asymmetrical, with Australia buying twice as much from the United States as it sold.

He acknowledged that imposing tariffs would be “not good” for the Australian economy, as one in four jobs depend on trade.

He added, however, that “we’re not at that point yet” and pointed to remarks apparently made by Mr. Lutnick that “some of the things that are being said before the election don’t match what’s happening.”

“I would say we should calm things down a bit, not panic and do what we did with the relationship with China, which is calm, calm negotiations to try to get the best outcome for Australian farmers, Australian manufacturers, Australian miners,” he said.

Prime Minister Albanese recently revealed that he did not discuss tariffs. during his phone call with Trump after US elections.

Asked if he was confident Australia would benefit from a tariff exemption, the Prime Minister said he did not want to pre-empt those decisions.

“We will defend Australia’s national interests. It’s my duty because one in four jobs in Australia depends on trade,” he said.

“We will continue to advocate for free and fair trade. Donald Trump will take office on January 20. I’m not going to anticipate what his administration might do. He clearly has an agenda. We’ll wait and see how this plays out. »

More to come.