Tariffs news: Finance Minister Katy Gallagher says | Australian Markets
Finance Minister Katy Gallagher says Treasury will crunch the numbers to see what impact US President Donald Trump’s trade sanctions may have on Australia, however believes the nation is effectively positioned to deal with the worldwide fallout which is triggering fears of a world recession.
Since Mr Trump’s tariffs announcement on Thursday, the US stock market has taken its largest two-day dive in historical past, with key trading companions responding forcefully. China retaliated with 34 per cent tariffs on US imports.
The Albanese Government is taking a cautious strategy to the ten per cent tariff introduced for Australia — denouncing the choice however promising to not retaliate by means of a reciprocal tariff.
“The Treasurer has made it clear that he has sought some updated modelling from Treasury on the impacts of the decision that was made (by Donald Trump),” Senator Gallagher mentioned on Saturday whereas campaigning in Perth.
“You have to remember, we were putting together the Budget together at a time when we understood, or this conversation was pretty live for the global uncertainty faced with the new Trump administration.
“But the Treasurer, since the announcement, has asked for updated modelling and he will release that publicly when he gets it.
“We have argued against tariffs. We don’t see that as a way forward.
“We think that hurts households, and so that is not something we would be considering.”
Australia was spared the huge tariffs imposed on different nations, like China, Japan, Thailand and Japan.
Nevertheless, Prime Minister Anthony Albanese has condemned the transfer.
“This global trade instability is not good for global growth and that could have impacts here,” Senator Gallagher mentioned.
“But Treasury is forecasting our economy to grow. We have been amazingly resilient.
“Unemployment is low, inflation is down, interest rates are coming down, wages are up — people are in jobs.
“We have come through this global inflation challenge in pretty good shape, but we are not immune from that global instability that we are seeing playing out.”
Analysts say the US tariffs may effectively set off a world recession as stockmarkets across the world have been hit by world-wide unload by buyers.
It’s been reported that the “liberation tariffs” had wiped trillions of {dollars} off the worth of some of the world’s largest firms.
“I think we (Australian economy) are in very good shape,” Ms Gallagher mentioned.
“Obviously, business and industry are trying to process what’s happening across global markets.
“I think there is opportunity for Australia, but we are not immune to what’s happening around the world.”
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