The United States decision to impose tariffs on Australian steel and aluminium as part of a global decision is concerning. It has been foreshadowed that no country regardless of its relationship with the United States has been granted an exemption. Such a decision by the Trump Administration is entirely unjustified.
This is against the spirit of our two nations' enduring friendship and fundamentally at odds with the benefits our economic partnership has delivered over more than 70 years. Australia has no tariffs on goods from the United States.
Our Government will continue to put forward a very strong case for an exemption and to advocate for Australian trade with the United States at every level and through every channel.
Australia will continue working hard for a different outcome and discussions with the Trump Administration are ongoing. Our Government is prepared and has been engaging directly with the Australian steel and aluminium industry and will continue working through this with them.
As with the other products and resources that Australia has, we will continue to diversify markets for our products which are in demand globally.
Australian steel and aluminium exports to the United States represent less than 0.2 per cent of the total value of our exports. Neither is in the top 10 of what Australia sells to the United States.
Tariffs and escalating trade tensions are a form of economic self-harm and a recipe for slower growth and higher inflation.
This is why Australia will not be imposing reciprocal tariffs on the United States. Such a course of action would only push up prices for Australian consumers.
We will continue to engage constructively with the United States and to make the case for Australian trade and the benefits it delivers to Americans.
Around the world and here at home, our Government will always stand up for Australian jobs and Australian industries.
All Australians can join this effort and support our industries by taking the opportunity to buy Australian.
The March Budget will provide additional support for our Buy Australian campaign.
