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Australian exports sent to the US will be hit with a 12.5% tariff as the US president imposes levies on more than 80 nations.

The Trump administration unveiled the latest tranche of tariffs for countries over their “failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labour”.

This, in our view, makes no sense.

Forced labour is definitely something which needs to be combated around the world, so we support that objective.

We absolutely need to see the strait of Hormuz be open and for freedom of navigation to happen there, for commercial shipping to be allowed through, and we very much call on Iran to allow that to be the case.

We need to see a restoration to the normal global fuel supply chain because it’s having a significant impact around the world.

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