Australia Criticizes US Tariffs as OECD Warns of Slower Global Growth

Treasurer Jim Chalmers calls the tariffs 'senseless' and emphasizes resilience over retaliation as economic forecasts are downgraded.

The US has imposed 25% tariffs on steel and aluminium imports, including nearly $1 billion worth of Australian exports, without granting Australia an exemption.
Treasurer Jim Chalmers criticized the tariffs as 'self-defeating' and warned they could harm the Australian economy and global economic stability.
The OECD has downgraded its global and Australian growth forecasts, citing the tariffs' ripple effects, with Australia's GDP growth expected to drop to 1.8% in 2026.
Chalmers emphasized that Australia's response will focus on economic resilience rather than retaliatory measures to avoid further harm.
The OECD also warned that escalating trade tensions could lead to global economic fragmentation, slower growth, and higher inflation.