Latest news with #AustralianSteelInstitute
The Advertiser
2 days ago
- Business
- The Advertiser
Albanese hits out at Trump's 'economic self harm'
US President Donald Trump's decision to double tariffs on Australia's steel exports are an act of "economic self harm", Anthony Albanese says ahead of an expected face-to-face meeting between the two leaders. The US president plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure" the domestic industry. The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he might hold talks with Mr Trump on the sidelines. But a meeting is yet to be confirmed. Mr Albanese is under pressure to secure an exemption for Australia's products. "This is an act of economic self harm by the United States that will increase the cost for consumers in the United States," he told reporters in Hobart on Sunday. "This is something that will just increase the cost for consumers in the United States. "Which is why it is an inappropriate action by the Trump administration." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". US President Donald Trump's decision to double tariffs on Australia's steel exports are an act of "economic self harm", Anthony Albanese says ahead of an expected face-to-face meeting between the two leaders. The US president plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure" the domestic industry. The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he might hold talks with Mr Trump on the sidelines. But a meeting is yet to be confirmed. Mr Albanese is under pressure to secure an exemption for Australia's products. "This is an act of economic self harm by the United States that will increase the cost for consumers in the United States," he told reporters in Hobart on Sunday. "This is something that will just increase the cost for consumers in the United States. "Which is why it is an inappropriate action by the Trump administration." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". US President Donald Trump's decision to double tariffs on Australia's steel exports are an act of "economic self harm", Anthony Albanese says ahead of an expected face-to-face meeting between the two leaders. The US president plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure" the domestic industry. The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he might hold talks with Mr Trump on the sidelines. But a meeting is yet to be confirmed. Mr Albanese is under pressure to secure an exemption for Australia's products. "This is an act of economic self harm by the United States that will increase the cost for consumers in the United States," he told reporters in Hobart on Sunday. "This is something that will just increase the cost for consumers in the United States. "Which is why it is an inappropriate action by the Trump administration." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". US President Donald Trump's decision to double tariffs on Australia's steel exports are an act of "economic self harm", Anthony Albanese says ahead of an expected face-to-face meeting between the two leaders. The US president plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure" the domestic industry. The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he might hold talks with Mr Trump on the sidelines. But a meeting is yet to be confirmed. Mr Albanese is under pressure to secure an exemption for Australia's products. "This is an act of economic self harm by the United States that will increase the cost for consumers in the United States," he told reporters in Hobart on Sunday. "This is something that will just increase the cost for consumers in the United States. "Which is why it is an inappropriate action by the Trump administration." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency".
The Advertiser
2 days ago
- Business
- The Advertiser
US tariffs on Australia 'not what you do to a friend'
Australia has vowed to "throw everything" at convincing Donald Trump to reverse a decision to raise tariffs on the nation's steel, ahead of a likely first meeting between Anthony Albanese and the US president. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he is expected to sit down with Mr Trump for the first time. Cabinet minister Amanda Rishworth said the 'unjustifiable' action was "not what you do to a friend and an ally". "This continues to be a difficult area, but one that we will throw everything at," she told Sky News on Sunday. "We'll be consistent, methodical, we'll stand up for our national interests." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia has vowed to "throw everything" at convincing Donald Trump to reverse a decision to raise tariffs on the nation's steel, ahead of a likely first meeting between Anthony Albanese and the US president. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he is expected to sit down with Mr Trump for the first time. Cabinet minister Amanda Rishworth said the 'unjustifiable' action was "not what you do to a friend and an ally". "This continues to be a difficult area, but one that we will throw everything at," she told Sky News on Sunday. "We'll be consistent, methodical, we'll stand up for our national interests." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia has vowed to "throw everything" at convincing Donald Trump to reverse a decision to raise tariffs on the nation's steel, ahead of a likely first meeting between Anthony Albanese and the US president. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he is expected to sit down with Mr Trump for the first time. Cabinet minister Amanda Rishworth said the 'unjustifiable' action was "not what you do to a friend and an ally". "This continues to be a difficult area, but one that we will throw everything at," she told Sky News on Sunday. "We'll be consistent, methodical, we'll stand up for our national interests." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia has vowed to "throw everything" at convincing Donald Trump to reverse a decision to raise tariffs on the nation's steel, ahead of a likely first meeting between Anthony Albanese and the US president. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. The prime minister will attend the G7 summit in Canada in mid-June, where he is expected to sit down with Mr Trump for the first time. Cabinet minister Amanda Rishworth said the 'unjustifiable' action was "not what you do to a friend and an ally". "This continues to be a difficult area, but one that we will throw everything at," she told Sky News on Sunday. "We'll be consistent, methodical, we'll stand up for our national interests." Opposition finance spokesman James Paterson said Australia needed to "robustly defend" the international free trade system which it benefits from. Mr Albanese must make the case to Mr Trump that the tariffs are particularly unjustifiable on Australia due to the trade surplus the US has, he added. "It's very important the prime minister does that in a way that is respectful but assertive," Senator Paterson said. Trade Minister Don Farrell reiterated the call for the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. He said the government doesn't believe retaliation is the "right way to go here". Opposition trade spokesman Kevin Hogan said Mr Trump's move was concerning for Australian jobs. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries," he said. The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency".
The Advertiser
2 days ago
- Business
- The Advertiser
Softy, softly response to Trump's hard line on steel
Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia will not retaliate despite Donald Trump's "wrong" tariff hike decision on steel imports. Mr Trump plans to increase tariffs on foreign steel from 25 to 50 per cent to "further secure the steel industry in the United States". The move could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Trade Minister Don Farrell is calling on the Trump administration to reverse the decision and drop all tariffs on Australian steel and aluminium. "This will simply push up the price for consumers in the United States and do nothing for the prosperity of both of our nations," he told reporters on Saturday. Mr Farrell said the government would work with the US but reiterate the view that tariffs were "the wrong course of action" and "don't do what President Trump claims they will do". "We don't believe that retaliation is the right way to go here," he said. "We're going to cooly and calmly argue our case for the removal of these tariffs." Opposition trade spokesman Kevin Hogan said Mr Trump's call was concerning for Australian jobs. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," he said. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." The industry's peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." It took Australia nine months of lobbying before it secured a tariff exemption during Mr Trump's first administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. The latest tariff hike comes after a US federal court blocked the president's Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration has launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency".
The Advertiser
3 days ago
- Business
- The Advertiser
'Unjustified': tariff hike risks damaging Aussie steel
Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency". Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his "unjustified" doubling of tariffs on steel imports. Mr Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to "further secure the steel industry in the United States". The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. "The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel," Australian Steel Institute chief executive Mark Cain said. "And it could exacerbate the surge in imported low-priced steel that is damaging the industry." Trade Minister Don Farrell says the tariffs are unjustified and not the act of a friend. "They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade," he said on Saturday. "We will continue to engage and advocate strongly for the removal of the tariffs." Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs The coalition expected the US to honour its obligations under both nations' free trade agreement, he added. "The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers," Mr Hogan said in a statement. "This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries." Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs. The administration launched an appeal, decrying "unelected judges" should not decide how to address a "national emergency".
7NEWS
3 days ago
- Business
- 7NEWS
'Unjustified': Donald Trump's tariff hike risks damaging Aussie steel
Australia risks becoming a dumping ground for cheap steel as pressure mounts for the prime minister to meet with Donald Trump following his 'unjustified' doubling of tariffs on steel imports. Trump on Saturday announced plans to increase tariffs on foreign imports of steel from 25 to 50 per cent to 'further secure the steel industry in the United States'. The decision could impact 100,000 Australian jobs, with the sector exporting more than $414 million worth of products to the US in 2024. Its peak body says it will continue to work with the federal government to push for an exemption from the Trump administration. 'The subsequent disruptions to global steel trade could see Australia become a dumping ground for imported steel,' Australian Steel Institute chief executive Mark Cain said. 'And it could exacerbate the surge in imported low-priced steel that is damaging the industry.' Trade Minister Don Farrell said the tariffs are unjustified and not the act of a friend. 'They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade,' he said on Saturday. 'We will continue to engage and advocate strongly for the removal of the tariffs.' Opposition trade spokesman Kevin Hogan said the latest move was concerning for Australian jobs. The Coalition expected the US to honour its obligations under both nations' free trade agreement, he added. 'The Albanese government needs to double its efforts to protect our steel industry and local jobs for our steel workers,' Mr Hogan said in a statement. 'This is why it is imperative that the Australian prime minister personally meets with President Trump ... to develop a personal rapport with the United States president and protect Australian industries.' Labor has sought to temper expectations on whether it can land a deal with the US to remove the tariffs, like it did after nine months of lobbying in the first Trump administration. The US imported 289 product categories in 2024, costing $US147 billion ($A229 billion), with nearly two-thirds of those aluminium and one-third steel, according to Census Bureau data from the US International Trade Commission. The 25 per cent tariffs on steel and aluminium were among the earliest implemented following Mr Trump's return to the White House in January and came into effect in March. Australia will continue to push for Mr Trump to drop his tariffs after a US federal court blocked his Liberation Day taxes on imported goods from going into effect. Goods from Australia are subject to a 10 per cent baseline tariff, while all steel and aluminium imports to the US face 25 per cent tariffs before Mr Trump's latest announcement. The New York-based Court of International Trade found the US president had overstepped his authority by imposing the tariffs.
