Trump doubles down on tariff war as Chalmers, RBA warn of local hit

Andrew Tillett, Jessica Sier and Ronald Mizen

Mar 5, 2025 – 7.45pm

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Treasurer Jim Chalmers and the Reserve Bank have warned the Australian economy is at risk from the escalating global trade war, as Donald Trump vowed to press ahead imposing US tariffs despite conceding they would cause disturbance.

In a defiant address to Congress on Wednesday (AEDT), Trump reiterated his determination to push ahead with 25 per cent tariffs on steel and aluminium exports, which threaten to hit Australian producers, declaring the move was “protecting the soul of our country”.

Andrew Tillett writes on politics, foreign affairs, defence and security from the Canberra press gallery.

Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.

Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.