Trump metals tariffs are self-sabotage, Australia Treasurer says
US tariffs on steel and aluminum are “self-defeating” and Australia merits better treatment, Treasurer Jim Chalmers said, adding the overall economic impact of President Donald Trump’s levies to date would be relatively small.
“We’re not uniquely disadvantaged by the sorts of tariffs coming out of DC, but we deserve better as a long-term partner and ally,” Chalmers told the Australian Broadcasting on Tuesday. “These sorts of tariffs are self-defeating, they’ve self-sabotaging, they’re a recipe for less growth and higher inflation, not just in the US but around the world.”
Chalmers will deliver his fourth national budget on March 25 ahead of an election that must be held by mid-May. The Australian treasurer said the vote would focus on making the national economy “more resilient at a time of very serious global economic uncertainty.”
In a pre-budget speech to be delivered Tuesday, Chalmers is expected to say the forecast impact on Australian growth from the tariffs on steel and aluminum imposed by the Trump administration last week is expected to be “less than 0.02% by 2030.”
Australia lobbied heavily in Washington to get an exemption from the tariffs, but in the end there was no carve out, despite Trump saying he would consider the proposal.
Now Canberra’s attention has turned to new tariffs expected to be announced by Trump in April, with concerns Australia’s major exports to the US could be affected, including beef and pharmaceuticals.
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