Australian Election 2025: Anthony Albanese says Treasurer Jim Chalmers leading talks with the US on Trump’s trade tariffs

One man has emerged as a key figure in Anthony Albanese’s bid to lessen Australia’s exposure to new trade tariffs from the US, as Donald Trump sets his sights on pharmaceuticals.

Treasurer Jim Chalmers has proven to be Prime Minister Anthony Albanese’s secret weapon as the federal election campaign is rocked by US President Donald Trump’s ‘Liberation Day’ tariffs.

The Republican president slapped Australia with a 10 per cent tariff as part of the sweeping changes announced last week, which the President says will address alleged trade imbalances.

The decision came at a difficult time for Anthony Albanese, who is fighting for re-election, and gave ammunition to Opposition Leader Peter Dutton, who has claimed he’d have negotiated a better deal for Australia ahead of the tariffs being confirmed.

Mr Albanese has claimed repeatedly on the campaign trail that he had secured the “best deal” for Australia and that his government was one of the first to respond.

Asked on Wednesday if he had requested to speak with Mr Trump since the tariffs, Mr Albanese said the Australia had “constant engagement” with the White House.

“On behalf of Australia, we have continued to make representations to the US administration,” the PM during a press conference with NSW Premier Chris Minns.

“We have had direct contact with the administration, and we’ll continue to do so.

“We are obviously in caretaker mode at the moment.

“We will continue to engage as we are, through our officials.

“Jim Chalmers travelled directly to the US, and met with the Treasury secretary.”

President Donald Trump’s ‘Liberation Day’ tariffs have sparked chaos on the global markets. Picture: NewsWire / AP Pool

Asked again about who had spoken with the White House and what Australia’s response to the tariffs would be, the PM said the Treasurer had been leading the effort.

“Obviously, the Treasurer Jim Chalmers has engaged (with the US) and he’ll continue to be the Treasurer after the election – if I am the Prime Minister,” Mr Albanese said.

Mr Chalmers’ efforts have also been key domestically, with the Treasurer halting his campaign for three days to hold crisis talks with financial leaders in the wake of an ASX wipe-out on Monday.

On Wednesday, he convened a meeting of the Council of Financial Regulators to discuss the global and domestic economic outlook.

Attendees included RBA Governor Michele Bullock, ASIC Chair Joe Longo, APRA Chair John Lonsdale, Treasury Secretary Steven Kennedy, and ACCC Chair Gina Cass-Gottlieb.

On Tuesday, he met with the heads of ANZ, CBA, NAB and Westpac, as well as Reserve Bank governor Michele Bullock, ASFA CEO Mary Delahunty and Super Members Council of Australia CEO Misha Schubert.

On Thursday he is expected to meet with the major employers comprising the Board of the Business Council of Australia.

The chaos sparked by the Trump tariffs worldwide has worried many Australians, with the cost of living a crucial talking point of the election.

Both leaders were questioned over the topic during the first leader’s debate on Tuesday, with the PM focusing on Labor’s investment in Medicare, energy rebates and in tax cuts.

“President Trump has made the decision that I’ve called that an act of economic self harm for the United States,” Mr Albanese said during the televised debate from Western Sydney.

“Americans will pay more for the goods that they purchase from overseas, and that will have an impact here … it’s expected to dampen global economic growth.

“So, it does present a challenge.

“But, we were prepared. Australia got the best deal of any country on the planet. Ten per cent is 10 per cent more than we would have liked, but no one got a better deal than us.”

Mr Albanese said the “deal” was due in part because of representations to the US, and that no other country was “better positioned to take advantage of the trade opportunities”.

Those opportunities namely included the 80 per cent of global trade Mr Albanese said did not involve the US, including with China, as well as countries in Southeast Asia.

For his part, Mr Dutton lauded negotiations made by the then-Coalition prime minister Malcolm Turnbull during Trump’s first term as president, including around steel.

Anthony Albanese says Australia had secured the lowest tariff imposed by President Trump. Picture: Jason Edwards / NewsWire

Peter Dutton has argued he would have secured a better deal for Australia if he were in power. Picture Thomas Lisson / NewsWire

“We negotiated an outcome for Australia which is much better than what we have today, and meant that Australia was excluded from the first round of tariffs imposed by President Trump.

“The Prime Minister of the day should have the ability of the strength of character, to be able to stand up against bullies, against those that would seek to do us harm.

“To keep our country safe and to make sure that we can make the right economic decisions for our country as well. And, that’s exactly what I would seek to do as prime minister.”

‘Uncertain times’ for either leader

Both the PM and Mr Dutton have repeatedly referred to the “uncertain times” we live in.

It’s been repeated almost daily during the campaign, with regular jibes by the Prime Minister at the more bizarre tariff decisions including tariffs for the Heard and Norfolk Islands.

On Wednesday, US Democratic Senator Mike Warner grilled the Trump administration’s lead trade negotiator Jamieson Greer over the decision to impose tariffs on Australia.

“We have a trade surplus with Australia. We have a free-trade agreement. They are an incredibly important security partner,” he said during a Senate Finance Committee hearing.

“Why were they whacked with a tariff?”

In response, Mr Greer said Australia had “lowest available rate” under the tariff regime.

“They ban imports of American beef and pork,” he added.

Mr Trump also announced on Wednesday that pharmaceuticals would be next to face tariffs.

“We’re going to tariff our pharmaceuticals,” he said.

“Once we do that, they’re going to come rushing back into our country because we’re the big market,” he added, describing how other countries – including Australia, capped drug prices.

“They will leave China, they will leave other places.”

Mr Albanese has previously sworn to protect the Pharmecutical Benefits Scheme, which he has championed as a pillar of Medicare and a way to bring down cost of living in Australia.

Mr Dutton has also committed to protecting the PBS.