Overview

• US President Donald Trump plans to impose new reciprocal tariffs on major economies, including China and the EU, starting April 2, raising global economic concerns.
• The Australian government will release its federal budget on March 25, focusing on measures to 'Trump-proof' the economy, such as a 'buy Australian' plan and increased defense spending.
• Treasurer Jim Chalmers has acknowledged the uncertainty surrounding Trump's tariffs, which could impact Australian exports and global trade stability.
• Australian officials are engaging with US counterparts to negotiate potential exemptions for Australian exports, but the outcome remains uncertain.
• The budget's timing is critical, as Prime Minister Anthony Albanese is expected to call a federal election shortly after its release.