0100 GMT - NSW Farmers, which represents producers in Australia's most populous state of New South Wales, urged Australia to invest in new markets after the U.S. imposed a 10% reciprocal tariff on Australian imports. Trump mentioned Australian beef in his speech announcing the tariffs, saying that Australia doesn't import American beef but that the U.S. imports a lot of Australian beef. NSW Farmers say Australian produce is in demand in China, Korea and Japan, and there are growth opportunities in the Middle East and North Africa. The group, however, stood by the Australian government's decision not to retaliate, with NSW Farmers President Xavier Martin saying that "a tit-for-tat approach with the U.S. serves no purpose." (mike.cherney@wsj.com; @Mike_Cherney)

(END) Dow Jones Newswires

April 02, 2025 21:00 ET (01:00 GMT)

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