US Steel, Aluminium Tariffs to Impact Just 0.02 Percent of Australia’s GDP: Treasury

Treasury says the impact won’t be fully felt until 2030.

The Port Kembla Steelworks the home of Bluescope Steel and Colourbond in Wollongong, New South Wales in Australia on March 12, 2018. AAP Image/Dean Lewins

Treasury estimates released on March 18 indicate that the direct economic impact of U.S. tariffs on Australian steel and aluminium will be “manageable,” with a minimal hit to GDP.

Treasurer Jim Chalmers addressed the issue during a speech in Brisbane, where he provided an update on Treasury’s findings regarding the 25 percent tariff imposed by the Trump administration on steel and aluminium imports.