Prime Minister Anthony Albanese talked up his government's diplomatic victories as he positioned Labor as best-equipped to increase trade links with China, India and south-east Asian neighbours.
"There are enormous opportunities for Australia to take advantage of where we are in the world," he told reporters on Wednesday.
"In ASEAN, building on the work that we've done, building up trade relationships ... continuing to build on our economic relationship with China, a relationship that we have repaired since we've been in government."
The comments were a veiled dig at the coalition, who were in government when China slapped sanctions on a swathe of Australian exports, hobbling industries such as barley, wine and seafood.
Australia is also looking to strengthen trade ties with the European Union to make up for lower demand.
Trade Minister Don Farrell was set to meet with EU counterpart Maros Sefcovic on Wednesday night to resume free trade agreement negotiations. Talks broke down in late-2023 due to disagreements over market access for agricultural products.
"Australia's position has been clear – we want a new trade agreement with the EU, but only one that gives Australia new, commercially meaningful market access, in particular for Australian agriculture," Senator Farrell said.
One thing that won't be up for negotiation in trade talks is the Pharmaceutical Benefits Scheme, which US pharmaceutical companies have singled out as "unfair".
Mr Trump on Wednesday promised "major" tariffs on pharmaceuticals after they were earlier exempted.
Pharmaceuticals are one of Australia's largest export groups to the US, with ASX-listed CSL accounting for the majority of the $1.6 billion in shipments in 2024.
"I make this point unequivocally," said Mr Albanese.
"Australia will stand up for our Pharmaceutical Benefits Scheme. Our PBS is an essential part of who we are. We will never negotiate on it. We will never undermine it."
Mr Albanese's comments came as Treasurer Jim Chalmers conferred with the heads of regulators ASIC, APRA and the ACCC, and the Reserve Bank and Treasury in a snap meeting.
"Today is a really good opportunity for us to confer with, compare notes with, and coordinate our efforts with the regulators and others involved in the market right now," Dr Chalmers said.
"There is a lot of economic uncertainty right around the world, but Australia is better placed and better prepared than most to deal with it."
Dr Chalmers, who will meet with members of the Business Council of Australia on Thursday, hit out at Opposition Leader Peter Dutton for suggesting Labor would lead Australia into a recession if re-elected.
Treasury has predicted Australia to avoid a recession and for GDP growth to accelerate next year, despite the tariff impact.
But IG markets analyst Tony Sycamore said the Australian economy was on track for a seismic hit as US country-specific tariffs, including a 104 per cent impost on China, took effect.
"At the risk of sounding dramatic, we are on the verge of seeing the two largest economic and military superpowers collide at high speed, with Australia caught squarely in the middle," he said.
"If current lines hold, the fallout has the potential to dwarf the economic impact on the Australian economy felt during the GFC and COVID."
Dr Chalmers conducted his meeting blitz as he prepared for an election debate against his coalition counterpart Angus Taylor on Wednesday night.
Speaking outside the Council of Financial Regulators meeting, the treasurer said he wouldn't underestimate his opponent.
"I take Angus more seriously than his own colleagues do. Frankly, I think it's unedifying the way that they line up to bag him in the paper," Dr Chalmers said, referencing recent leaks to media organisations by coalition sources critical of Mr Taylor.
