Australia is bracing for possible crushing tariffs on its exports to the US as President Donald Trump seeks to revive American manufacturing. Trump's move to impose tariffs on Canada and Mexico, and his intention to target aluminium, steel, and copper imports, sent ripples through the Australian sharemarket and the Australian dollar. The government is working to secure exemptions, citing Australia's significant trade deficit with the US and its existing free trade agreement. However, experts warn that Trump's renewed focus on 'America First' policies and his belief that free trade has cost American jobs make achieving an exemption a difficult task.
Prime Minister Anthony Albanese has been warned Australia may be unable to escape crushing tariffs on its exports to America for a second time as President Donald Trump ’s efforts to revive his country’s manufacturing base sent the ASX into a tailspin.
Trade Minister Don Farrell has said he wants to speak to his US counterpart, Commerce Secretary Howard Lutnick, as soon as possible to make the case that Australia should be spared from tariffs because of its significant trade deficit with the US. The fact Australia has a sweeping free trade agreement with the US and has a positive reputation in Washington will not necessarily spare the country from being hit with tariffs, Sinodinos warned.
“So reindustrialisation is part of his agenda, and this term more emphatically than it was in his first.“There are no Australian exports to the US which undermine American jobs. “That’s long been apparent that President Trump would take a different approach on these questions,” he said. In the first half of this financial year, about 45 per cent of the company’s revenue came from the US and about 60 per cent of its products crossing the American border come out of its Mexican factories.
Economics Trade Tariffs Australia US Trump Trade War Manufacturing Free Trade Agreement
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