Australia will not impose reciprocal tariffs on the US: Albanese
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More news: Prime Minister Anthony Albanese has confirmed that Australia will not impose reciprocal tariffs on the US, but labelled the Trump administration's decision to proceed with duties on Australian steel and aluminium imports as "entirely unjustified".
Albanese said that Trump's decision to rule out an exemption for Australia is "against the spirit of our two nations' enduring friendship and fundamentally at odds with the benefits that our economic partnership has delivered over more than 70 years". He said the move was "not a friendly act" but that the tariffs have been "imposed on every country," which he said was "important".
Dismissing the possibility of retaliatory measures, Albanese argued that such a response would “only push up prices for Australian consumers and increase inflation”. He said that the government would “continue to put forward a very strong case for an exemption” but confirmed he has no plans to travel to the US to negotiate directly with Trump.
What they said: "Our government will continue to put forward a very strong case for an exemption, noting that the last time this occurred it took months for that exemption to be granted," Albanese said in a press conference this morning.
"We will advocate for Australian trade with United States at every level through every channel. Australia will work hard for a different outcome and discussions with the Trump administration are ongoing.
"Our government is prepared and has been engaging directly with the Australian steel and aluminium industry and will continue to work through this with them."
Trump rejects Australia's tariff exemption plea
The news: About $1 billion in annual Australian steel and aluminium exports to the US will be hit with 25% tariffs from midnight Wednesday local time (3pm AEDT) after Donald Trump ruled out an exemption, the Australian Financial Review reported citing officials.
White House spokeswoman Karoline Leavitt confirmed the decision, telling reporters in a Washington briefing that Trump had "considered it, and considered against it. There will be no exemptions."
Asked why, she reportedly responded "America First steel." adding, "If they (Australia) want to be exempted, they should consider moving steel manufacturing here."
The context: The Albanese government had been hoping to secure an exemption, arguing that Australia’s trade surplus with the US justified a carve-out.
A series of Washington meetings involving Treasurer Jim Chalmers and Ambassador Kevin Rudd failed to secure progress, ABC News reported.
The rejection delivers a blow to the Albanese government ahead of a contested election due in May.
The sources: ABC News, Australian Financial Review, ABC News
