Latest news with #DonFarrell
The Star
9 hours ago
- Business
- The Star
Australia calls US plan to double steel, aluminium tariffs "unjustified" act of "self harm"
FILE PHOTO: A giant kettle pours molten aluminum into moulds as an employee skims the skin off previously poured moulds at an Alcoa Inc. smelting plant at Point Henry, Australia, on Wednesday, July 30, 2008. Australia's Minister for Trade and Tourism Don Farrell said the federal government would continue to advocate strongly for the removal of the tariffs. - Bloomberg CANBERRA: Australia's Minister for Trade and Tourism Don Farrell on Saturday (May 31) described US President Donald Trump's plan to double tariffs on steel and aluminium as "unjustified" and an act of economic "self harm." Trump said on Friday that he plans to increase the tariff on steel and aluminium imports to the United States from 25 per cent to 50 per cent from June 4 to protect the domestic industry from foreign competition. Responding to the announcement, Farrell said in a statement that Australia's position has been "consistent and clear" and that the federal government would continue to advocate strongly for the removal of the tariffs. "These tariffs are unjustified and not the act of a friend," he said. "They are an act of economic self harm that will only hurt consumers and businesses who rely on free and fair trade." Australian Prime Minister Anthony Albanese, whose Labor Party won a second term in government in a landslide at the May 3 election, in April described Trump's "Liberation Day" tariffs as "not the act of a friend". The US administration in March decided against exempting Australia from the steel and aluminum tariffs. Albanese said at the time that the decision went against the "enduring friendship" of the two countries. - Xinhua
Sky News AU
19 hours ago
- Business
- Sky News AU
‘Not the act of a friend': Trade Minister on Trump's plan to increase steel tariffs
Trade Minister Don Farrell has labelled US President Donald Trump's plan to double steel and aluminium tariffs to 50 per cent as 'unjustified' and 'not the act of a friend'. The American leader confirmed the decision on social media to increase the tariffs on steel and aluminium imports to 50 per cent, stating the new rate would take effect on June 4. Mr Farrell claims the tariffs are an act of 'economic self-harm' that will push up prices for American consumers and harm Australian steel and aluminium producers.
The Guardian
2 days ago
- Business
- The Guardian
Australia's trade minister says Trump plan to double steel and aluminium tariffs to 50% ‘not the act of a friend'
Australia's trade minister, Don Farrell, has described Donald Trump's trade tariffs as 'unjustified and not the act of a friend', after the US president announced he would double import duties on steel and aluminium to 50%. Trump told a steelworkers rally in Pittsburgh that raising the tariff would 'even further secure the steel industry in the United States. Nobody is going to get around that.' In a social media post on Saturday, Trump clarified the increase from 25% to 50% would be effective from 4 June and would apply to steel and aluminium. Australia exports relatively little steel to the US. About 2.5% of US aluminium imports by volume come from Australia, but this is less than 10% of Australia's total exports of the metal. Reiterating Australia's stance on the tariffs, Farrell said on Saturday: 'Australia's position has been consistent and clear. These 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. We will continue to engage and advocate strongly for the removal of the tariffs.' Sign up for Guardian Australia's breaking news email The shadow trade minister, Kevin Hogan, said on Saturday that Trump's announcement 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. 'We expect the United States to honour its obligations under the Australia-United States Free Trade Agreement, just as Australia has always done. The strength of our economic partnership has been built on trust and mutual benefit, and any deviation from this agreement undermines the principles of free trade.' Hogan said the prime minister, Anthony Albanese, needed to personally meet with Trump during the G7 talks in Canada taking place in two weeks 'to develop a personal rapport with the United States President and protect Australian industries'. Hogan said: 'The Coalition want the government to succeed because that is in the national interest.' Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Trump's sweeping tariffs were initially blocked by a US court this week, which ruled them illegal, before the administration won a temporary pause on that ruling on Thursday. It is understood a national security provision – section 232 of the Trade Expansion Act – does give the US president authority to unilaterally raise tariffs on steel and aluminium imports. Marghanita Johnson, the chief executive of the Australian Aluminium Council, said a key concern was the potential for international trade flows to be distorted. The council would keep working with the government, she said. In March, when the steel tariffs came into force, BlueScope Steel, which exports about 300,000 tonnes of steel a year to the US, said it was disappointed the industry had not received the same tariff exemption that was negotiated during Trump's first term. The company produces more than 3m tonnes of steel each year at its Ohio plant. BlueScope said at the time it was working closely with the Australian government's trade and diplomatic staff 'to ensure the BlueScope investment proposition is fully understood'. Industry group the Australian Steel Institute has previously said it was working with the government to secure an exemption on the steel import tariff. The institute said during the previous Trump administration, Australia had been granted an exemption after nine months of lobbying.
Perth Now
2 days ago
- Business
- Perth Now
Australia fumes over Trump's tariff call
Donald Trump has claimed the tariff rate on steel will double to 50 per cent, drawing the ire of the Australian government. The US President blurted out the latest development in his trade war at a steel mill rally in Pennsylvania, on Saturday morning Australian time. Australian Trade Minister Don Farrell said the latest tariff hike was unjustified. 'Australia's position has been consistent and clear. These tariffs are unjustified and not the act of a friend,' he said in a statement. 'They are an act of economic self harm that will only hurt consumers and businesses who rely on free and fair trade. 'We will continue to engage and advocate strongly for the removal of the tariffs.' Australian Trade Minister Don Farrell says the US tariffs are not act of a friend. NewsWire / Martin Ollman Credit: News Corp Australia US government data shows the price of steel products into the US have increased by 16 per cent since Trump's second term began. Australian car parts, steel and aluminium are currently being slapped with a 25 per cent levy, as per Trump's sweeping protectionist policies. The Pennsylvania rally on Friday was near a factory owned by US Steel, and the President said Japanese steel giant Nippon had invested in the American firm. 'We're here today to celebrate a blockbuster agreement that will ensure this storeyed American company stays an American company,' the President said. 'You're going to stay an American company, you know that, right?' 'If you don't have steel, you don't have a country. You don't have a country, you can't make a military. What are we going to do? Say, 'Let's go to China to get our steel from the army tanks',' Trump said. The Trump administration initially promised to block Nippon's bid to buy US Steel. Details of the 'blockbuster agreement' have not been released. Nippon confirmed in a statement a proposed 'partnership' had been agreed to.
News.com.au
2 days ago
- Business
- News.com.au
‘Unjustified': Donald Trump claims steel tariff will double, as Australia lashes surprise move
Donald Trump has claimed the tariff rate on steel will double to 50 per cent, drawing the ire of the Australian government. The US President blurted out the latest development in his trade war at a steel mill rally in Pennsylvania, on Saturday morning Australian time. Australian Trade Minister Don Farrell said the latest tariff hike was unjustified. 'Australia's position has been consistent and clear. These tariffs are unjustified and not the act of a friend,' he said in a statement. 'They are an act of economic self harm that will only hurt consumers and businesses who rely on free and fair trade. 'We will continue to engage and advocate strongly for the removal of the tariffs.' US government data shows the price of steel products into the US have increased by 16 per cent since Trump's second term began. Australian car parts, steel and aluminium are currently being slapped with a 25 per cent levy, as per Trump's sweeping protectionist policies. The Pennsylvania rally on Friday was near a factory owned by US Steel, and the President said Japanese steel giant Nippon had invested in the American firm. 'We're here today to celebrate a blockbuster agreement that will ensure this storeyed American company stays an American company,' the President said. 'You're going to stay an American company, you know that, right?' 'If you don't have steel, you don't have a country. You don't have a country, you can't make a military. What are we going to do? Say, 'Let's go to China to get our steel from the army tanks',' Trump said. The Trump administration initially promised to block Nippon's bid to buy US Steel. Details of the 'blockbuster agreement' have not been released. Nippon confirmed in a statement a proposed 'partnership' had been agreed to.
