Trump considers tariff exemption for Australian steel, aluminum

President Donald Trump has announced new tariffs of 25% on steel and aluminum imports, which senior counselor Peter Navarro argues are necessary to address countries abusing exemptions previously granted by the U.S. In response to Trump's actions, Canadian Prime Minister Justin Trudeau has criticized the tariffs as 'unjustified', and leaders from the European Union have indicated plans for retaliatory measures. Meanwhile, Trump is also considering a tariff exemption for Australia following a discussion with Prime Minister Anthony Albanese, highlighting the strategic economic relationship under the AUKUS agreement. Navarro claims that the tariffs will not raise inflation, referencing the lack of inflation increase following similar tariffs introduced in 2018. The tariffs aim to foster a resurgence in U.S. manufacturing and tackle the influx of foreign steel and aluminum. Discussions about trade dynamics continue as Australia contributes significantly to defense sectors under their agreements with the U.S.