TRANSCRIPT
“From this moment on, America’s decline is over.”
Once again, Donald Trump is the president of the United States, following his inauguration in the Rotunda of the US Capitol in Washington.
Prime Minister Anthony Albanese congratulates the 47th president of the country, saying he had spoken with Mr Trump.
"What I've done is had a constructive dialogue with President Trump, and can I say this, that I congratulate President Trump on his inauguration. It is a significant achievement to be elected President of the United States of America. Not once, but twice now."
He says the alliance between Australia and the United States has never been stronger.
Foreign Minister Penny Wong was the first Australian foreign minister to attend a presidential inauguration.
Australia's Ambassador Kevin Rudd, Australia's richest person Gina Rinehart and Australian box manufacturing billionaire Anthony Pratt were also in attendance.
In an interview with the Seven Network, Ms Wong says Australian exports are no threat to the US.
"When it comes to Australia-US economic relations, in terms of trade, the US has had a surplus with Australia since President Truman, about two to one. And, in fact, even of those exports from Australia that go to the US, about half of them go into US supply chains. So, in terms of adding value to the American economy, Australia certainly does. And that will be my message on behalf of Australia."
Ms Wong says she looks forward to working with the Trump administration.
“I think every new presidency is a day of profound importance to the world and I look forward to working with the administration as a partner and an ally."
She says Australia has a strong case to be exempted from U-S President Donald Trump's proposed tariffs.
This comes as the new President has said he will charge China to import goods into the U-S.
He also says other countries may face increased tariffs, as he re-stated his commitment to tariffs in his inaugural address.
Opposition leader Peter Dutton however questions whether Penny Wong ever saw Mr Trump as an opponent.
"Penny Wong, one of my favourites - we've mentioned Penny Wong. She's in the United States celebrating the ascension of the 47th president of the United States. She's there as the best friend that Donald Trump has ever had. I mean is tha t credible. Have I missed something or was Penny Wong always a strong hater and opponent of Donald Trump. And now somehow she's a great champion of the Trump administration. It's a government of incompetents and frauds. That's what's happening here."
Coalition politicians believe that Australia will be spared President Trump's promised tariff charges.
National Senator Bridget McKenzie told Channel Nine, Australia needs to make sure it has a good relationship with the new administration.
"We are not a target of Trump's tariff agenda. He's going to review the trade situation and then look at what sort of tariff changes need to be made. So we need to make sure that our foreign affairs ministry, our trade minister and our ambassador, are deeply engaged in that review process to make sure our national interest is upheld."
Mr Albanese says it would not be in best interests of the United States to impose tariffs on Australian trade.
Under Mr Trump's previously-stated policy, Australian trade would be amongst trade subject to a ten per cent tariff, unless Australian can somehow carve out an exemption.
Former Prime Minister Malcolm Turnbull tried to achieve this during Mr Trump's first term as president.
But Mr Albanese says there are at least two reasons why Mr Trump putting tariffs on Australian goods would be counterproductive.
"I point out two facts. One is that we have a Free Trade Agreement with the United States that has bipartisan support. Secondly, as well, that the United States has a trade surplus with Australia. It's had one since the Truman presidency. So it's in the interests of the United States that this economic relationship and partnership continues."
Commonwealth Bank currency strategist Carol Kong says Trump's mass deportation plans are also likely to be a major currency market mover.
In today's move in the FX market it gave us a taste of what it will be like over the next four years. I think tariffs will likely be used more frequently in Trump's second term as a negotiating tool. So what that means is that there will likely be more tariff spreads or announcements from the US and other governments as negotiations take place and that means volatility will stay high or even rise further from here and trade and range of currencies will be larger than normal."
Whilst in Washington, Ms Wong has met her counterparts from India and Japan, who, along with the US and Australia, form the Quad security dialogue.
She's expected to meet with Marco Rubio, her counterpart in Mr Trump's administration very soon.
This, as the nation anticipates what lies ahead with President Donald Trump returning to the White House.
