Treasurer Jim Chalmers to broke Australian steel, aluminium exemptions with US counterparts

The Treasurer is expected to nudge senior Trump officials on the US President’s promise to consider a tariff exemption on Aussie steel and aluminium.

Jim Chalmers will advocate for Australia to be exempt from Donald Trump’s sweeping 25 per cent tariffs on steel and aluminium imports when he meets with his US counterparts in Washington DC.

The Treasurer will speak to the US President’s captain’s pick Treasury Secretary Scott Bessent and National Economic Council director Kevin Hassett at 7.30am on Tuesday local time.

While Mr Chalmers has previously met Mr Bessent, this will be their first face-to-face since Mr Bessent was confirmed as the US Treasury boss.

The meeting is expected to canvas Australia’s longstanding support of the US, our trade surplus which dates back to the Truman administration, and our critical minerals trade with the US.

Jim Chalmers will meet with US Secretary of Treasury Scott Bessent. Picture: Tetiana Dzhafarova/ AFP

Mr Chalmers will also meet with the US Director of the National Economic Council Kevin Hassett. Picture: Jim Watson/ AFP

Although Mr Chalmers has said he doesn’t expect a resolution following Tuesday’s meeting, he will also nudge senior officials on Mr Trump’s promise to consider a tariff carve-out on steel and aluminium which was previously achieved by the Turnbull government in 2017.

Mr Trump offered the assurance following a phone call with Anthony Albanese earlier this month, however negotiations encountered a road bump after the Trump administration accused Australia of disregarding a “verbal commitment” to restrain aluminium exports under the Morrison government.

Mr Chalmers said there was “lots to discuss” at the meeting.

“Australia’s relationship with the US is strong and enduring, and one that benefits both sides,” he said.

“Trade and tariffs will be part of the conversation but not the whole conversation.

“I won’t pre-empt the talks on steel and aluminium, except to say they are ongoing discussions and I don’t expect to conclude them while I’m there.”

While a carveout for Australian steel and aluminium imports will be canvassed at the meeting, Mr Chalmers said he didn’t expect confirmation of an exemption. Picture: NewsWire/ Martin Ollman

In another move to bolster Australia’s economic ties to the US, Mr Chalmers also attended the first day of the Australian Superannuation Investment Summit at the Australian embassy.

The four-day event seeks to canvass further investment opportunities between Australia’s $4.1 trillion super holdings and the US.

As it stands the industry has about $400bn in US investments, with the industry hoping to scale the amount to more than $1 trillion by 2032.

Mr Chalmers is set to address the summit on Tuesday, and has met with Blackstone chief executive Stephen Schwarzman, who manages the largest international alternative investment manager, and Citigroup boss Jane Fraser.

He will also meet with asset management giant JPMorgan’s chief executive Jamie Dimon on Tuesday.

Mr Chalmers said it was a “land mark summit” which would help get “stronger returns for Australians from stronger economic ties with the Americans”.

“If super funds return more, then Australians retire with more,” he said.