The Trump effect
There is a sense of déjà vu in Peru, which hosted APEC the last time Trump was elected in 2016. But it also feels very different this time.
I’m coming to you today from Lima, Peru, where Anthony Albanese has taken a decidedly glass-half-full approach to Donald Trump’s climate and trade policies on the sidelines of the Asia-Pacific Economic Cooperation (APEC) leaders summit.
While Trump has promised to impose tariffs of up to 60% on China and 20% on other countries, Albanese said on Thursday afternoon (Friday morning Australian time) that the president-elect’s opposition to Joe Biden’s Inflation Reduction Act would create "potential benefits” for Australia.
At a press conference on the balcony of the Australian embassy, Albanese said Biden’s billions of dollars in subsidies for clean energy saw “considerable capital flowing to the United States”.
"There are potential benefits if there are changes in US policy," Albanese said. "If those incentives aren't there, then that has implications for the nature of the global economy."
