Trade minister rejects suggestion its only temporary as Australia braces for fallout from China’s tit-for-tat import taxes on USThe trade minister, Steve Ciobo, has claimed Australia has a permanent exemption from US steel tariffs because of its trade deficit. The comments come as Australia braces for global shocks after China imposed tit-for-tat import taxes in response to the US tariffs on steel and aluminium. He said the US had included Australia in the proclamation of a temporary exemption because it could not put in place separate instruments for every country. Despite repeated claims the deal is unconditional, nothing in the US paperwork guarantees Australia a permanent exemption. In what has been described as an escalating trade war, Donald Trump’s administration has put levies on more than 1,300 Chinese goods worth $50bn to the US.

Source: The Guardian April 04, 2018 23:03 UTC