EU says it will respond to US tariffs with firm countermeasures
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More news: European Commission President Ursula von der Leyen has said the bloc will respond to any tariffs imposed on it by the US.
"I deeply regret the US decision to impose tariffs on European steel and aluminum exports," von der Leyen said in a statement on Tuesday.
"Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures. The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers."
White House accuses Australia of violating 'verbal' agreement on aluminium exports
More news: The White House has accused Australia of violating a verbal agreement to curb aluminium exports.
Earlier today, US President Donald Trump confirmed he was considering an exemption for Australia on steel and aluminium tariffs, citing the US’ trade surplus with its AUKUS partner.
Hours after Trump’s comments, a statement from the White House circulated to foreign correspondents in Washington DC which accused Australia of reneging on a “verbal commitment to voluntarily restrain its aluminium exports to a reasonable level” since it was exempted from tariffs on aluminium imposed during Trump’s first term.
Former prime minister Malcolm Turnbull, who was in the Lodge when Australia secured the exemption in 2018, told the Nine newspapers that he had not offered that assurance but accepted conversations had centred primarily on steel — imports of which will also be hit with tariffs in March.
A senior government source confirmed to Capital Brief that a verbal agreement was made under Turnbull's successor, Scott Morrison, before Trump lost the 2020 election and Labor entered office in 2022.
What they said: "The volume of US imports of primary aluminum from Australia has also surged and in 2024 was approximately 103 percent higher than the average volume for 2015 through 2017," the statement said.
"Australia has disregarded its verbal commitment to voluntarily restrain its aluminum exports to a reasonable level. These volume increases occurred even though demand for aluminum in the United States and Canada (the market measured by industry) has generally remained flat, averaging about 20 percent since 2018.”
Dutton supportive of PM in tariff reversal effort
More news: Opposition Leader Peter Dutton has said there is a bipartisan position in Australia to stand up for the country’s national interests and that this is best served by a removal of the tariff as it applies to Australia.
“If it [the tariff] stays in place, then I think it damages the relationship,” Dutton said.
“... I strongly support the prime minister in his call for the tariff to be reduced. We are a surplus trading nation with the United States. I think there's an incredible opportunity for us to do a lot more work, and with the United States, in the trade space”.
When asked what needed to be done to remove the tariffs, Dutton pointed to continued dialogue and “doing everything we can through the relationships that we have in the administration”.
“We should be talking to those with expertise in the relationship and those who understand the Trump administration well. And I think the prime minister deserves support in whatever measure is reasonably taken to see [a] reversal in the tariff. And we would support those measures,” Dutton said.
Trump says tariffs will have 'no exemptions' but Australia to be considered
More news: During the signing of the steel and aluminium tariff executive order US President Donald Trump said the tariffs would be "25% without exemptions or exceptions, and that's all countries, no matter where it comes from".
However, this did not necessarily mean an exemption might not be negotiated after the fact, with Prime Minister Anthony Albanese saying this morning that Trump is considering an exemption for Australia.
When asked about an exemption for Australia, Trump called Albanese a “very fine man” and noted there is a trade surplus with Australia.
“They are rather far away and they need lots of aeroplanes and we actually have a surplus. It’s one of the only countries [with] which we do,” he said.
“And I told him that that’s something that we will give great consideration [to].”
Trump reflected on “failed American trade policies” leading the local steel and aluminium industries to be “pummelled”.
He said in order to protect the “future resurgence of US manufacturing and production” this would be the first of many steps.
“We will be looking at chips and we will be looking at cars and we will be looking at pharmaceuticals and there will be a couple of other things in addition,” he said.
He said anyone that works in “big steel” would be very happy. He noted that foreign countries would move to the US to make their products, boosting jobs and reducing prices. In general, economists say tariffs lead to higher prices for consumers in the country imposing the tariffs.
What they said: "This is the beginning of making America rich again,” Trump said.
US tariffs on steel, aluminium to take effect from 4 March
More news: US President Donald Trump has ordered a 25% tariff on steel and aluminium imports, with the new rates going into effect on 4 March, Bloomberg reported.
Trump said the tariffs will boost domestic production and generate jobs in the US, and warned that the rate on metal tariffs "may go higher".
The US has not unveiled any exemptions to the measures, though Prime Minister Anthony Albanese has said an exemption for Australia is "under consideration" after speaking to Trump earlier today.
PM says US tariff exemption is 'under consideration'
The news: Prime Minister Anthony Albanese has said a US tariff exemption for Australia is "under consideration" after talking to US President Donald Trump today.
The context: Albanese confirmed that wording was agreed during the call and described the conversation as “warm and constructive”, during a press conference soon after the call.
Albanese divulged few details about what was discussed and did not reveal how confident he was that an exemption would ultimately be agreed upon. He would not be drawn on whether Australia would consider retaliatory tariffs if it could not secure an exemption, describing the prospect as “leaping way ahead”.
“I presented Australia’s case for an exemption, and we agreed to wording to say publicly, which is that the US president agreed that an exemption was ‘under consideration’,” Albanese said.
The prime minister also declined to reveal how negotiations with the Trump administration would proceed, but insisted his government would “continue to engage diplomatically”.
He repeatedly stressed that the US enjoyed a trade surplus with Australia, one of Canberra’s key arguments for an exemption; Trump has repeatedly railed against foreign countries, including allies, “ripping off” the US on trade.
And after the Coalition questioned ambassador Kevin Rudd’s future, given his past criticisms of Trump, Albanese insisted he had been key to the “tremendous start to the relationship” since the president’s inauguration.
What they said: “My government's got a record of getting things done in Australia's national interest. I'll continue to do so,” Albanese told reporters on Tuesday.
The sources: PM press conference, Bloomberg, The Nine newspapers, The ABC, The Australian, European Commission statement
