Australia Resists Reciprocal Tariffs Amid US Trade Policies

Australia will not retaliate against U.S. steel and aluminium tariffs, stated Prime Minister Anthony Albanese. Despite President Trump's decision to exclude exemptions, Albanese cites economic harm from reciprocal measures. Australia remains a minor exporter of steel to the U.S., focusing instead on diplomatic negotiations.

Australia will abstain from retaliatory tariffs against the United States' new import duties on steel and aluminium, Prime Minister Anthony Albanese declared Wednesday. This announcement follows President Donald Trump's establishment of unyielding tariff rules, which will embrace steel and aluminium products from all nations.

Albanese criticised the U.S. administration's decision as 'entirely unjustified' and adverse to the cooperative spirits of both countries' economic relationship. However, he warned that retaliatory tariffs would compromise Australian consumer prices and escalate inflation, describing trade tensions as detrimental to growth.

Amidst ongoing diplomatic lobbying, Albanese urged restraint, noting that Australian exports of steel and aluminium to the U.S. barely constitute 0.2% of its annual exports. The focus, Albanese suggests, remains on leveraging diplomatic channels to address these trade disparities.

(With inputs from agencies.)