Australia treasurer to meet US Treasury's Bessent amid push for tariff exemption

25/2/2025 13:57

Australian Treasurer Jim Chalmers will meet with his U.S. counterpart Scott Bessent on Tuesday in Washington, with Canberra seeking an exemption on 25% tariffs on imports of steel and aluminium announced by President Donald Trump last month.



Chalmers will be holding talks with Bessent ahead of the second day of an investment summit where ten of Australia's top pension funds, which control A$1.5 trillion ($950.7 billion) in combined assets, will be talking about closer economic ties with the U.S.



Chalmers said in a statement on his talks with Bessent, "Trade and tariffs will be part of the conversation but not the whole conversation."



"I won't pre-empt the talks on steel and aluminium, except to say they are ongoing discussions and I don't expect to conclude them while I'm there."



Australia Prime Minister Anthony Albanese said this month he was confident a deal could be reached with Trump, citing the "tremendous start" to Australia's relationship with the new U.S. administration.



A key U.S. security ally in the Indo-Pacific, Australia is a small global exporter of steel but the world's largest supplier of iron ore, the main raw material for steelmaking.



During his first term, Trump exempted Australia from U.S. tariffs on steel and aluminium.