Trump has also said his new trade regime would be based on “fairness and balance”, and Australia – which runs a trade deficit with the US – has been making the case for exemption from a tariff regime, arguing free trade with Australia is in American interests.
Anthony Albanese was spruiking the domestic steel industry during a visit to a steelworks in Illawarra this week, arguing the trade surplus between the US and Australia would strengthen Australia’s case to be exempted from Trump’s latest round of tariffs.
A carve-out specific to Australia would lead other major economies, particularly in Asia, to send steel to Australia instead, lowering domestic prices, Australia Steel Association chief executive David Buchanan told AAP.
US president Donald Trump has threatened “reciprocal tariffs” on US trade partners in retaliation for some domestic taxes, such as value-added taxes, sparking concerns Australia could be targeted.
Oliver said there was positive news in the White House saying it would first impose reciprocal tariffs on countries with which it has the highest trade deficits, meaning Australia – with a trade surplus – would be at the back of the queue.
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