ABC News Daily
Will Albanese’s call with Trump save us from tariffs?
Feb 11, 2025
In this engaging discussion, economist Susan Stone, the Credit Union SA Chair of Economics at the University of South Australia, offers her insights on trade tensions between the U.S. and Australia. She analyzes Prime Minister Anthony Albanese's call with Donald Trump and the potential exemption from hefty steel and aluminum tariffs. Stone elaborates on the complex trade dynamics, emphasizing Australia's significant imports from the U.S. and the implications of these negotiations for future relations amid looming economic conflicts.
15:09
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Quick takeaways
- Australia's Prime Minister Albanese's phone call with Trump emphasizes the importance of diplomatic efforts to negotiate exemption from tariffs.
- The proposed 25% tariffs not only threaten Australia's steel and aluminium industries but also risk retaliatory actions affecting global trade dynamics.
Deep dives
Trump's Tariff Announcement and Exemptions
Donald Trump announced a 25% tariff on all steel and aluminium imports to the United States, a decision made somewhat impulsively while on Air Force One. Initially stating there would be no exemptions, further discussions suggested that Australia might be considered for an exemption due to the trade surplus between the two nations. This surplus indicates that Australia buys more from the U.S. than it sells, which aligns with Trump's focus on trade deficits. Trump's fluctuating stance highlights his tendency to set a hard line before potentially backtracking depending on diplomatic relations.
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