Overview

• Australian Treasurer Jim Chalmers held discussions with U.S. Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett in Washington, focusing on proposed 25% tariffs on steel and aluminium imports.
• Chalmers described the meetings as constructive but acknowledged that the final decision rests with President Donald Trump, who has yet to make a determination.
• The Australian government emphasized its unique trade relationship with the U.S., highlighting its history as a reliable ally, its adherence to free trade principles, and its significant investments in America through superannuation funds.
• Trump’s executive order cites Australia’s alleged failure to voluntarily limit aluminium exports, though Chalmers argued that Australia’s case differs from other nations facing tariffs.
• The tariffs, scheduled to begin on March 12, have raised concerns within Australian manufacturing, while U.S. officials have not indicated whether an exemption will be granted.