The prime minister has started his press conference by laying out how much trade occurs between Australia and the United States and says there will be “a summit taking place on the 24th and 25th of February in Washington DC at our Embassy” which Donald Trump has confirmed senior US officials will attend.

On the tariffs, Albanese says he pushed Australia’s position and the pair agreed on a “form of words” – that exemptions are “under consideration” for Australia.

Albanese:

The US has a trade surplus with Australia, that it’s had since the Truman administration. It’s about 2/1 when it comes to trade between our two countries. The US is an important investor, of course, here in Australia as well. When you look at the imports of these products into the US, it’s about 1% of imports of steel, 2% of aluminium. Our steel is an important input for US manufacturing. BlueScope is the US’s fifth-largest steelmaker. They’ve invested $5 billion in the US across a range of states. I think there’s more than 30 different investments there. Of course, the major export is Colorbond there for roofs in California on the West Coast and at places at ports. Our aluminium is a critical input for manufacturing in the United States.

Our steel and aluminium are both key inputs for the US-Australia defence industries in both of our countries.

I presented Australia’s case for an exemption, and we agreed on wording to say publicly, which is that the US President agreed that an exemption was under consideration in the interests of both of our countries.