Australian Treasurer Jim Chalmers is set to meet with his U.S. counterpart Scott Bessent on Tuesday in Washington, as Australia seeks an exemption from the 25% tariffs on steel and aluminum imports that President Donald Trump announced last month.
Chalmers will engage in discussions with Bessent prior to the second day of an investment summit where ten of Australia’s leading pension funds, managing a combined total of A$1.5 trillion ($950.7 billion), will be exploring closer economic relations with the U.S.
“Trade and tariffs will be one of the topics, but it won’t dominate the entire discussion,” Chalmers mentioned in a statement regarding his conversations with Bessent.
“I don’t want to pre-empt the discussions about steel and aluminum, except to note that they are ongoing discussions and I don’t anticipate finalizing them while I am there.”
This month, Australian Prime Minister Anthony Albanese expressed confidence in reaching an agreement with Trump, mentioning the “tremendous start” to Australia’s relationship with the new U.S. administration.
As a vital U.S. security ally in the Indo-Pacific region, Australia is a minor global exporter of steel, yet it stands as the world’s largest supplier of iron ore, the primary raw material for steel production.
During his first term, Trump had exempted Australia from the tariffs on steel and aluminum imposed by the U.S.
Australia has been eager to highlight its status as one of the top 10 foreign investors in the U.S., largely due to its pension sector, known as superannuation or super funds.
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On Tuesday, both Chalmers and Bessent are scheduled to speak at the superannuation summit held at the Australian embassy in Washington, which will feature the country’s largest pension funds alongside CEOs from major U.S. banks and officials or representatives from five states.
“This significant super summit aims to enhance returns for Australians through stronger economic connections with the Americans,” Chalmers stated.
