Australia faces nervous wait as Trump’s tariff deadline looms
Australia is no closer to learning whether it will be hit by a higher tariff by the United States, despite President Donald Trump saying he’ll be handing down fresh duties later this week.
The so-called “reciprocal” tariffs were paused for 90 days, and the White House has recently announced deals with a slew of partners, including the UK, China, Vietnam, Indonesia, the Philippines, Japan and, as of this morning, the European Union.
However, an Australian deal is yet to be announced ahead of the pause expiring on Friday.
Donald Trump’s tariffs have caused uncertainty in financial markets. (Getty)
Australia is currently subject to a baseline 10 per cent tariff, but what that figure will be as of Friday is unclear.
Trump said last week he would be sending out letters to roughly 200 countries this week unilaterally setting a range of tariff rates.
“It’s basically going to say, you’re going to pay 10 per cent, you’re going to pay 15 per cent, you’re going to pay maybe less, I don’t know,” Trump told reporters.
Prime Minister Anthony Albanese criticised Trump’s tariffs when they were first imposed. (Dominic Lorrimer)
Last week, Australia lifted a long-standing ban on the importation of American beef.
Trump reacted positively to the news, saying on his Truth Social account: “Now, we are going to sell so much to Australia because this is undeniable and irrefutable Proof that US Beef is the Safest and Best in the entire World.”
Prime Minister Anthony Albanese has long been critical of Trump’s tariffs, frequently calling the measures “an act of economic self-harm”.
Albanese and China’s President Xi Jinping in Beijing earlir this month. (Huang Jingwen/Xinhua via A)
Meanwhile, talks between the United States and China are still ongoing, with officials from both nations set to meet this week.
Trump slapped a 145 per cent tariff on imports from China in April, prompting Beijing to respond with a 125 per cent duty on the United States.
In the aftermath of Trump’s tariffs, China called for greater trade cooperation with Australia, which was reiterated when Prime Minister Albanese undertook a state visit to China earlier this month.
“Protectionist measures are on the rise in the world, and China and Australia are committed to advancing trade and investment liberalisation and facilitation,” Chinese Premier Li Qiang said after meeting with Albanese.
