Live: Trade minister meets with US counterpart over proposed 12.5pc tariffs

live Federal politics live: Trade minister meets with US counterpart over proposed 12.5 per cent tariffs Trade Minister Don Farrell has met with his US counterpart after the US proposed imposing a 12.5 per cent tariff on Australian exports. Follow all the updates in our live blog. Submit a comment or question Live updates Thu 4 Jun 2026 at 7:11am Richard Marles evasive on age of used AUKUS subs Defence Minister Richard Marles has defended Australia's AUKUS pivot but refused to divulge specific details of just what Australia will be getting with its used submarines. Marles was grilled by 7.30 host David Speers over the change in the deal on Wednesday night when he defended the lack of firepower of used Virginia-class subs compared to new ones. Block six Virginia-class subs have triple the payload as block four but Marles said he was simply happy to be getting new subs. "We're operating a fleet of submarines and what you need as much as possible is consistency. And the Virginia class is going to greatly enhance our submarine capability relative to obviously what we have now," Marles told 7.30. Asked to detail how old they were, the deputy prime minister tried to sidestep the question. "Just how old will some of these submarines that Australia gets actually be?" Speers asked. "I can't go into the specifics of that," Marles responded. "Why can't you say? It's taxpayers paying for these submarines, don't they deserve to know?" Speers pressed. "What we will be receiving is submarines which have gone through their first deep maintenance and will have a lot of years left in their life," Marles said. "10 years, 15 years?" asked Speers. "It is in fact more than both the numbers that you've just said," Marles finally relented without giving an exact figure. Thu 4 Jun 2026 at 7:06am Trade minister meets with US counterpart on proposed new 12.5 per cent tariffs The trade minister has met with his US counterpart after Washington proposed imposing a 12.5 per cent tariffs on Australian exports. The US has proposed a tariff on most Australian goods, citing concerns about forced labour. It would replace Washington's 10 per cent global tariff, which expires on July 24, 2026. Trade Minister Don Farrell met with US Trade Representative Jamieson Greer on the sidelines of the OECD Ministerial Meeting in Paris. He told Greer that the proposed measures were unjustified and defended Australia's approach to addressing modern slavery. Speaking on Channel Nine, Environment Minister Murray Watt says the government is still seeking details from the US about the proposed tariff. "This came as a real surprise to ourselves and a lot of other countries that have this tariff slapped on them," Watt says. "We just think that this tariff is completely unfair." Thu 4 Jun 2026 at 7:00am Good morning 👋 Hello and welcome to today's federal politics live blog! It's great to have you join us here early this Thursday morning. I'm Josh Boscaini joining you live from Parliament House in Canberra, here and ready to bring you all of today's federal politics news. First up, the trade minister has met with his US counterpart after Washington announced a proposed 12.5 per cent tariff on Australian exports. You'll hear more about that soon. And the first tranche of the government's budget measures are expected to pass the House of Representatives today. It includes changes to the capital gains tax, negative gearing, the $250 Working Australians Tax Offset and $1,000 instant tax deduction. Let's go!!!!!! Loading