Tariffs talks: Treasurer labels US relationship | Australian Markets
Treasurer Jim Chalmers has labelled tariffs talks with US counterparts this week as “very productive” however maintains it’s not his job to finish the discussions because the Prime Minister works in direction of securing an exemption.
Australian officers are but to secure a carve-out from President Donald Trump’s blanket 25 per cent tariffs on all metal and aluminium imports, that are set to come back into pressure from March 12.
Mr Trump is contemplating Australia’s request for an exemption after a telephone call with Anthony Albanese earlier this month.
Regardless of constructive feedback made after the telephone call, threats of the tariffs stay after allegations from senior US trade officers that Australia is “flooding” the US market with aluminium — a contravention of a earlier settlement.
Assembly with newly confirmed US Treasury Secretary Scott Bessent, Dr Chalmers mentioned the ultimate call was in Mr Trump’s palms however described the discussions as “positive”.
“My job wasn’t to conclude those discussions, it was to inform them.
“Australia has a very strong case to make about why we are different to some of the other countries that are of greater concern to our American friends.”
He mentioned Australia held a trade surplus with the US and that the nation’s metal and aluminium sectors have been “not big competitors” with native industries however making a “positive contribution”.
The Treasurer mentioned Australia didn’t take any final result as a right regarding the metal and aluminium tariffs.
Dr Chalmers mentioned he additionally mentioned international financial uncertainty, how Australia has managed pressures and maximising “opportunities ahead” along with his US counterparts.
He additionally met with US Nationwide Financial Council Director Kevin Hassett alongside Australia’s ambassador to the US, Kevin Rudd.
Dr Chalmers echoed Mr Albanese’s latest spruiking of Australia’s “rock solid” defence partnership with the US.
“We’re an enthusiastic partner when it comes to Defence. It’s an economic relationship of mutual benefit full of big opportunities,” he mentioned.
The Prime Minister had advised ABC’s Q&A program earlier within the week that he was assured the US would defend Australia if it have been to come back beneath assault, regardless of the change in management.
Requested if he thought the settlement was “rock solid”, the prime minister replied merely “yes”.
“We do, we have an Anzus agreement (The Australia, New Zealand and United States Security Treaty) and an alliance with the United States.”
Dr Chalmers spoke at a superannuation summit within the US earlier within the week alongside chief govt from some of Wall Avenue’s greatest corporations .
RBA deputy governor Andrew Hauser advised Senate estimates on Thursday the board have been protecting a watchful eye on international trade coverage and have been able to act on a vary of eventualities.
“This is clearly a very substantial and rapidly evolving issue,” he mentioned.
“Most macroeconomic forecasters at the moment would struggle to put any single number on the impact on Australia or anywhere else.
“And so what we’ve done, in regard to monetary policy, is set out three different scenarios about possible tariffs in the US.
“Then questions about whether the countries that are targeted, China in particular, in this case, choose to retaliate.”
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