Australian Trade Minister Don Farrell is seeking an exemption from new 25% tariffs on steel and aluminum imports imposed by US President Donald Trump. Farrell argues that Australian steel and aluminum contribute to creating American jobs and are vital for shared defense interests.
Responding to US President Donald Trump’s announcement of imposing new 25% tariffs on all steel and aluminum imports into the US, Australian Trade Minister Don Farrell said Monday that Australian steel and aluminium is creating thousands of good-paying American jobs, and are key for our shared defence interests.” Farrell is looking to secure a similar exemption from tariffs it won during the previous Trump presidency in 2018. Market reaction AUD/USD is trimming losses to trade near 0.
Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers. Are tariffs good or bad? There are two schools of thought among economists regarding the usage of tariffs.
TARIFFS TRADE AUSTRALIA USA ECONOMICS
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