US tariffs pose challenges to Australia's steel industry
Time:Thu, 05 Jun 2025 09:31:59 +0800
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The US government raised import tariffs from 25% to 50% on imported steel and aluminum products, effective on June 4, which caused some relevant industries in Australia to worry about their prospects.
The export value of steel and aluminum from Australia to the US was approximately US$266 million and US$269 million, respectively, accounting for 3.6% of the total exports to the US and under 0.2% of the overall export value.
In addition, the US tariffs will disrupt the supply chain and weaken manufacturing industries in East and Southeast Asia, which will impact export trade in Australia. Experts have indicated that the risk of spillover effects to Australia is far greater than the tariffs themselves.
Approximately 12,000 Australian companies export to the US, including those in finance, gold, meat, and vaccines. These companies are likely to face uncertainty and stress due to the tariffs.
