IMF Flags $13 Billion Tariff Blow, Australia Plays It Down

IMF has cut Australia’s 2025 growth forecast to 1.6 percent, down from 2.1 percent.

Beef is displayed for sale at a butcher shop in Melbourne, Australia on April 4, 2025. Asanka Ratnayake/Getty Images

Australia is bracing for a $13 billion (US$8.3 billion) economic hit from President Donald Trump’s tariff blitz, according to the International Monetary Fund (IMF).

In its April 22 World Economic Outlook, the IMF downgraded Australia’s growth forecast for 2025 to just 1.6 percent—down from 2.1 percent in January.