Trump Weighs Tariff Exemption for Australian Steel and Aluminium

U.S. President Donald Trump is considering exempting Australia from steel and aluminium tariffs due to Australia's trade surplus with the U.S. Prime Minister Anthony Albanese advocated for this in a phone call. Australia imports a small percentage of steel and aluminium to the U.S. Trump acknowledged their trade surplus and defence partnerships.

In a recent development, U.S. President Donald Trump announced he would consider exempting Australia from steep steel and aluminium tariffs, citing the nation's trade surplus with the United States. Following a strategic phone call with Prime Minister Anthony Albanese, Trump raised the possibility of such exemptions, highlighting Australia's unique position in global trade relations.

Monday's tariff reinstatement halted duty-free entries for millions of tons of imports, sparking fears of escalating trade tensions. Notably, Australia has been an exception, accounting for only 1% of steel and 2% of aluminium imports into the U.S.

The potential exemption underscores the strong bilateral ties, with Albanese expressing optimism in securing a favourable outcome. The collaboration aligns with broader defence partnerships under the AUKUS pact, bolstering security and economic interests across both nations.

(With inputs from agencies.)