Treasurer Jim Chalmers to go to US counterpart in | Australian Markets
Treasurer Jim Chalmers will fly to Washington on Sunday for essential trade discussions amid the Trump administration’s threats to impose 25 p.c tariffs on metal and aluminium.
The US journey will mark the primary time Mr Chalmers has met together with his US counterpart, Secretary of the Treasury Scott Bessent, in particular person since President Donald Trump returned to workplace.
Dr Chalmers stated trade and tariffs had been anticipated to be a key challenge, and whereas he aimed to secure carve-outs to guard Australian pursuits, this might not be the only focus of the assembly.
“Trade and tariffs will be part of the conversation but not the whole conversation,” he advised ABC Insiders on Sunday.
“That’s an ongoing discussion that we’re having with our American counterparts. I don’t expect to conclude those discussions on steel and aluminium while I’m in DC.
“But whether it’s the flow of capital or critical minerals and trade — there’s lots to talk about. This is a relationship which benefits both sides, the Americans and the Australians.”
In a telephone call between the US president and Prime Minister Anthony Albanese earlier this month, Mr Trump stated he would think about exempting Australia from 25 per cent tariffs on metal and aluminum as a result of it has a trade surplus with the US.
It was seen as a hopeful signal for more reasonable trade insurance policies forward of March 12, when the tariffs are attributable to start.
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.
Below the previous Liberal Prime Minister Malcolm Turnbull, Opposition had managed to secure tariff exemptions when negotiating with the primary Trump administration. It marks a stress level for Mr Albanese forward of the looming Federal election.
The then-Liberal Australian authorities had agreed to put a “ceiling” on the quantity of aluminium shipments to the US with a purpose to secure an exemption from these earlier tariffs in 2017-18.
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