Australia news live: ASX sheds $60bn as Middle East conflict stokes inflation fears

Follow today’s news liveWong says legality of strikes on Iran ‘a matter for Israel and US’ as Australia sends crisis consular teams to Middle EastGet our breaking news email, free app or daily news podcastFarrell says $15bn of trade could be impacted by warLabor’s trade minister, Don Farrell, says a “relatively small” amount of Australia’s exports go through the Middle East as the war escalates in the region.A relatively small amount, about $15bn worth of trade goes through the Middle East. Obviously, that’s very important for those companies that are trading there.Our trade is, in fact, increasing in the Middle East. We now have a free trade agreement with the United Arab Emirates. Already, our beef trade has doubled in the six months that that trade agreement has been in operation. But of course, all of that gets affected by this uncertainty of the war in the Middle East.The legal basis