Trump downplays chance of tariffs on Australia after NYT report

Trump said American tariffs on Chinese goods "could go up very, very substantially, very easily.

WASHINGTON: President Donald Trump downplayed the chance he would impose tariffs on Australia, a top U.S. ally, after the New York Times reported his administration considered doing so last week.

Asked about the report on Sunday before a visit to the U.K., Trump said the U.S. had very strong ties with Australia, without directly mentioning tariffs.

"The Australian situation is interesting but the relationship is very strong,” Trump told reporters at the White House. "No, we’re doing a very special relationship with Australia.”

Some of Trump’s top trade advisers had urged tariffs on Australia to stem a surge of aluminum from the country over the past year, the New York Times reported, citing people familiar with the discussions. 

The administration at least temporarily decided not to take action after objections from officials at the Defense and State Departments, the report said.

As a close security ally of the U.S. and the most China-dependent economy in the developed world, Australia’s $1.3 trillion economy already had a lot to lose as the world’s two biggest trading nations lock horns. 

China buys 35% of Australian exports, equivalent to about 8 percent of gross domestic product, and dominates iron ore shipments and education.

The prospect of the U.S. targeting Australian trade has received little analysis. 

The two fought together in every major war in the 20th century and the U.S. is a major investor in Australia, although their trade relationship isn’t particularly significant. - Bloomberg
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

Why dealmakers expect tech M&A to keep up its red-hot run
Volkswagen looks to claim damages from suppliers over chip shortages
China Evergrande New Energy Vehicle Co attracts investors to raise US$3.4b
Taiwan says asking chip firms to help ease auto chip shortage
Bank Islam assists 350,000 customers impacted by Covid-19
Morgan Stanley CEO's annual pay rises by over 20%
‘Unstoppable’ luxury stocks remind some investors of US tech
Ambani’s Reliance doubles down on 5G pledge after record profit
PUNB offers payment deferment, rental discount
CPO futures may undergo technical correction next week

Stories You'll Enjoy