AusBN - Prime Minister Malcolm Turnbull has confirmed that Australia will be spared US tariffs on steel and aluminium imports after he and President Donald Trump reached a ‘security agreement’ for exemption.
Turnbull said an executive order would be signed by Trump exempting Australia from the tariffs, which include a 25% levy on steel imports and 10% on foreign aluminium.
Australia will not have to provide anything in return for the exemption, he added.
“We have the closest possible military and security alliance with the United States and it gets closer all of the time,” said the Prime Minister.
Australia is one of the US’s closest military and security allies and a member of the Five Eyes intelligence alliance.
The Australian exemption follows similar exceptions achieved by the Canadian and Mexican governments, although the EU and Japan have yet to strike deals with the US which has escalated concerns regarding a global trade war.
Trump’s tariffs have been framed to protect the American worker and are widely believed to target the Chinese metal production industry.