Australia’s critical minerals reserves are being used as leverage by the Albanese government to try and persuade the Trump administration to reverse its decision to hit steel and aluminium with tariffs and not proceed with a feared second wave against agricultural products and pharmaceuticals.

Prime Minister Anthony Albanese on Wednesday described Donald Trump’s decision to snub steel and aluminium exports as “entirely unjustified” and “against the spirit of our two nations’ enduring friendship” but ruled out retaliatory measures against US imports because tariffs were an act of economic self harm.