Australian Prime Minister Anthony Albanese criticized the U.S. decision to impose tariffs on Australian steel and aluminum, deeming them unjustified. Despite this stance, he announced that Australia will not retaliate with its own tariffs. Albanese aims to secure an exemption for Australia, similar to the one obtained in 2018 under the Trump administration. He warns that tariffs contribute to economic harm and inflation, affecting consumers directly. The U.S. recently heightened tariffs to 25%, amidst tensions highlighted by public comments from President Trump about former Australian PM Malcolm Turnbull.
It has been foreshadowed that no country regardless of its relationship with the United States has been granted an exemption. Such a decision by the Trump administration is entirely unjustified.
Tariffs and escalating trade tensions are a form of economic self-harm and a recipe for slower growth and higher inflation. They are paid by the consumers. This is why Australia will not be imposing reciprocal tariffs on the United States.
The U.S. officially increased tariffs on all steel and aluminum imports to 25% on Wednesday. The U.S. decision not to exempt Australia was announced days after a spat became public between Trump and the former Australian prime minister who secured the 2018 exemption.
A former Australian government secured an exemption with the previous Trump administration in 2018 based on arguments including that Australian steelmaker BlueScope employs thousands of workers in the U.S.
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