The Chalmers met with Treasury Secretary Scott Bessent and NEC Director Kevin Hassett, but the final decision will depend on President Trump.
Treasurer Jim Chalmers, fresh from his visit to Washington, confirmed the discussion about securing Australia’s exemption from a 25% tariff on steel and aluminum.
The tariffs announced by US President Donald Trump on February 10 could affect Australia’s exports by approximately $900 million (US$560 million).
“We were able to continue, but we couldn’t conclude, but there was an important discussion that President Donald Trump and Prime Minister Anthony Albanese had about steel and aluminum about two weeks ago,” Chalmers said in a opinion piece released in Australia on February 28th.
He met with US Treasury Secretary Scott Bescent and director of the National Economic Council, Kevin Hassett, who argued that the exemption would benefit both industries and workers in both countries.
Strengthen economic ties through investment
Chalmers used the visit to highlight wider economic opportunities between Australia and the US. He pointed to the substantial role of Australia’s superfunds managing around $1.5 trillion, and pointed out that it totaled the market capitalization of US companies, which totals a total of $3 trillion.
“While the majority of Australian supermarkets are invested domestically, there is a lot of much to offer from investment in the American industry, and there is a lot of things that can be achieved through this diversification and a lot of things that can be achieved for Australians,” Chalmers said.
He spoke with business leaders including Blackstone CEO Stephen Schwartzman, Citigroup CEO Jane Fraser and JPMorgan CEO Jamie Dimon.
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According to Chalmers, they all “recognized the mutual benefits” of greater investments between the two countries.
Governors and representatives of Congress from major US states, including California, Illinois, Florida, Tennessee and Connecticut, which account for more than a quarter of US GDP, were among those who attended the summit.
Labour defends US engagement strategy
In a recent interview, Dutton criticized the labor government’s approach to Trump, arguing that Deputy Prime Minister Richard Marles’s US talks require more effort.
He questioned Marless’s influence and claimed that he “batted the list quite heavily among key government figures.
He further suggested that Albanese’s comments about Trump being “scary” from 2017 may have angered the president.
However, Chalmers said meetings with top US officials and business leaders reflected Australia’s continued strong access in Washington.
“This meeting has been on track in August for access like the ones in Washington, D.C., that was the first meeting that the secretary and director took with his counterparts since being sworn in, and since President Trump took office,” he said.
Chalmers emphasized that US-Australia’s relationship is built on deep trust and long-term strategic and economic relationships.
Direct appeal by the Prime Minister
Albanese contacted Trump earlier this month to advocate for the exemption. Following their appeal, Albanese confirmed that Trump agreed to “consider” the demand.
“This government has a strong record of working with other countries to protect and advance Australia’s trade interests. Albanese will continue to navigate the differences diplomatically and appeal to the United States to ensure Australia receives exemptions,” he said during a questioning session on February 10th at Parliament.
According to UN data, Australia’s steel exports to the US are valued at around $378 million (US$237 million), while aluminum exports are around $53 million.
“We believe this is also in the US national interest. Taxes do not tax us. They tax buyers of our products. The US has been holding a trade surplus with Australia since President Trump,” Albanese said.
