Australia says no plan to retaliate on US steel tariffs

Australia has no plan to retaliate against looming US tariffs on its steel and aluminium exports as it pleads instead for a carve out, the government said Wednesday.US President Donald Trump signed executive orders Monday to impose 25 percent tariffs on steel and aluminium imports from an array of producers including Australia from March 12.

After a phone call with Trump, Prime Minister Anthony Albanese said the pair had agreed that an exemption from the tariffs for Australia was “under consideration”. Asked if Australia would retaliate if its request is denied, Treasurer Jim Chalmers said: “That’s not something we are considering.”
“Our priority is to try and get an exemption on behalf of our industries and our workers here in Australia,” he told national broadcaster ABC on Wednesday.Australia is a minor global player in steel export markets but is the leading exporter of iron ore, most of it heading to China. Canberra has stressed its close defence and diplomatic ties with Washington, noting also that United States enjoys a trade surplus with Australia. Australian exports make up one percent of US steel imports and two percent of aluminium, the government says.