Bloomberg Talks Australian Treasurer Jim Chalmers Talks Tariffs, Defense Spending
Jul 18, 2025
Jim Chalmers, the Australian Treasurer, shares his insights on Australia significantly ramping up defense spending from 2% to 2.3% of GDP amidst global tensions. He warns against U.S. tariffs as 'economic self-harm' and emphasizes the need for multilateral cooperation through the G20 to tackle economic volatility. Chalmers discusses fostering resilient international partnerships and the importance of Australia’s pharmaceutical benefits in trade negotiations, advocating for economic resilience over retaliation in a shifting global landscape.
AI Snips
Chapters
Transcript
Episode notes
Australian View on US Tariffs
- Australia views US tariffs as economic self-harm impacting global demand.
- They prefer building resilience over retaliation and seek zero tariffs as agreed in trade deals.
Advocate Multilateral Cooperation
- Boost engagement and cooperation during global economic volatility to strengthen resilience.
- Build robust supply chains and reliable markets to counteract uncertainty and trade tensions.
Avoiding Economic Decoupling
- Countries are avoiding isolation despite escalating trade tensions and global conflicts.
- Australia aims to de-risk relationships without decoupling to maintain economic connections.