The Australian Government is continuing its plea to the United States to persuade Donald Trump not to impose 25% tariffs on steel and aluminium exports.
Treasurer Jim Chalmers and Ambassador Kevin Rudd hosted U.S. Treasury Secretary Scott Bessent in Washington D.C. - part of the first-ever Australian Superannuation Investment Summit, which will also head to New York this week.
The Australian officials have taken the opportunity to further discuss the economic partnership between the two countries - and that includes the impending tariffs that could come into effect next month.
The summit was firstly about stronger returns and stronger economic ties between the two nations, as the Federal Government explores international investment for super funds.
“This American–Australian partnership is full of shared interests, mutual benefits and enormous opportunity,” said Chalmers.
The Treasurer also said in his address that the current value of Australian super fund investments in the U.S. is around $400 billion, and is set to reach $1 trillion over the next decade.
As one of America’s top 10 foreign investors, Chalmers went on to say Australia has and will continue to be an essential contributor to U.S. prosperity.
Critical minerals for technology and defence, resilient supply chains and how Australian resources can help fuel American industry and advanced manufacturing were all addressed by the Treasurer.
Bessent gave a positive, yet ambiguous response to the meeting with Australian officials.
When Rudd asked him if Australia might avoid tariffs, Bessent simply replied, “so far, so good”.
More to come…
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