Australia's trade minister labels US' steel tariffs as 'disappointing'

Australia's trade minister Steven Ciobo speaks to reporters in Sydney

• Says that Australia seeks exemption to US steel tariffs
• Urgently seeking to speak with US commerce secretary Wilbur Ross
• The imposition of a tariff like this will distort trade and lead to a loss of jobs
• Also says that Australia PM Turnbull has raised the matter with Trump 'directly'
• If the reaction from major economies got bad enough, could possibly see a recession

It's been all about the responses this morning to the tariffs imposed by Trump on steel and aluminium.

Here's a recap ICYMI:

• Trump will impose 25% tarriff on steel and 10% on aluminum
• US plan to impose tariffs on steel is violating WTO rules
• Canada trade minister: Any US tariff quota imposed on Canadian steel would be unacceptable
• Toyota warns new US tariffs on steel and aluminium will raise car, truck prices in the US
• Steel & aluminium US trade tariffs 'stupid'. China likely to retaliate.