Labor ‘urgently seeking' details on concerning Trump threat
Australia is among the world's top copper producers, but the bulk of exports go to southeast Asia.
Last year copper exports to the US totalled just $55m.
Pharmaceuticals is another matter, with Australia's exports to the US north of $2bn in 2024.
The Treasurer said on Wednesday that Washington's latest announcement was 'very concerning'. Treasurer Jim Chalmers says the Albanese government is 'urgently seeking' details on newly floated US tariffs. Martin Ollman / NewsWire Credit: News Corp Australia
'These are obviously very concerning developments,' Mr Chalmers told the ABC, adding that it had 'been a feature of recent months that we've had these sorts of announcements out of DC'.
'It's still early days. Obviously, we'll make a more detailed assessment of what's come out of the US in the usual way.'
With exports to the US accounting 'for less than 1 per cent' of Australia's copper exports, he said he was far more worried about pharmaceuticals.
'Much more concerning are the developments around pharmaceuticals,' Mr Chalmers said.
'Our pharmaceuticals industry is much more exposed to the US market, and that's why we're seeking - urgently seeking - some more detail on what's been announced.
'But I want to make it really clear once again … our Pharmaceutical Benefit Scheme is not something that we're willing to trade away or do deals on – that won't change.'
The US President announced the new levies at a cabinet meeting overnight.
'I believe the tariff on copper – we're going to make it 50 per cent,' Mr Trump told reporters, with officials later adding it would come into effect by August.
On pharmaceuticals, Mr Trump said the timeline could up to 'a year and a half', Mr Trump said.
'We're going to give (drugmakers) about a year, a year and a half to come in, and after that, they're going to be tariffed,' he said.
'They're going to be tariffed at a very, very high rate, like 200 per cent.
'We'll give them a certain period of time to get their act together.'
The Trump has administration has been mulling further sectoral tariffs to impose on top of the baseline and so-called 'reciprocal' rates.
Australia was not named among those facing reciprocal levies announced earlier this year and was instead subjected to the universal 10 per cent imposts on all foreign imports – a position Anthony Albanese has said he did not expect to change.
More to come.
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