Australian Prime Minister Anthony Albanese says U.S. tariffs on Australian steel and aluminum are unjustified, but his government will not retaliate with its own tariffs.
To put it into perspective, perhaps we just need to understand how much we export to the United States, Aussie raw materials are exported to many diverse countries, data from the Department of Foreign Affairs states exports of iron ore mostly go to countries like China, Japan, and South Korea, in 2022, approximately 1% of Australia’s total iron ore exports were sent to the United States (general data seems to reflect the same for the 2024 fiscal year). The US has primary sources for these materials that are domestic mines or they are imported from other countries such as Brazil and Canada.
On the other hand aluminium is slightly different. In 2022, around 10% of Australia’s total aluminium exports were directed towards the United States. Still though, this doesn’t represent an enormous impact on Australian mineral resource exports where these numbers only reflect 0.075% of the Aussie GDP.
Yeah, Australia isn’t a big raw goods trading partner with the US for obvious reasons. They don’t need to do much but sit back and watch the idiocy of what Trump is doing.
To put it into perspective, perhaps we just need to understand how much we export to the United States, Aussie raw materials are exported to many diverse countries, data from the Department of Foreign Affairs states exports of iron ore mostly go to countries like China, Japan, and South Korea, in 2022, approximately 1% of Australia’s total iron ore exports were sent to the United States (general data seems to reflect the same for the 2024 fiscal year). The US has primary sources for these materials that are domestic mines or they are imported from other countries such as Brazil and Canada.
On the other hand aluminium is slightly different. In 2022, around 10% of Australia’s total aluminium exports were directed towards the United States. Still though, this doesn’t represent an enormous impact on Australian mineral resource exports where these numbers only reflect 0.075% of the Aussie GDP.
Yeah, Australia isn’t a big raw goods trading partner with the US for obvious reasons. They don’t need to do much but sit back and watch the idiocy of what Trump is doing.