Trade minister says US and Europe deals could would bring cheaper prices, higher wages

Cheaper prices and higher wages, that's Trade Minister Don Farrell's promise if the government can secure new deals with the US and Europe.

As Prime Minister Anthony Albanese prepares to face US President Donald Trump in Canada, Australian officials are stressing "diverse partners" are key.

"Irrespective of what the Americans may do, we have a diverse group of trading partners," Farrell told Sky News today.

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What the Americans do may come down to a meeting between Trump and Albanese next week.

"Keir Starmer has now achieved a partial exemption from the steel and aluminium tariffs and Australia is at least as good an ally of the United States as the United Kingdom is and so there's no reason why the Prime Minister shouldn't at least be able to secure that exemption.," Liberal Senator James Paterson told the ABC's Insiders today.

Improved access to Australia's critical minerals, a market currently dominated by China, will be the central to talks with the US while American beef producers also want access to our market, currently restricted because of biosecurity concerns.

"I think it's incumbent to Australia and the rest of the world to say to America - these are exactly the wrong policies to adopt," Farrell said.

Australia's trade officials are currently negotiating on both sides of the Atlantic, seeking tariff relief from the US and a free trade agreement with the European Union. 

The $20 trillion trading block offers 440 million potential new consumers for Australian products.

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"I believe now there is an appetite on both sides - the world has changed," Farrell said.

Leaders from Europe will join Trump and Albanese in Canada next weekend for the G7 summit, which is shaping up as a crucial gathering for trade, defence and global security.

"We need to be clear eyed about our prime minister standing up for our interests," Liberal MP Tim WIlson told Insiders.

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Also heading to Calgary is Indian leader Narendra Modi as officials continue to promote closer trade between Australia and India.

The government is promising not just cheaper prices on shelves but higher wages as well.

"If you're an outward-facing trading company in Australia your profits are going to be higher but more importantly the wages of your employees are going to be higher as well," Farrell said.