AUSTRALIA – US: STEEL AND ALUMINIUM TARIFFS

Prime Minister Malcolm Turnbull has revealed he's already lobbied U-S President Donald Trump to try and get Australia an exemption from Mr Trump's proposed tariffs on steel and aluminium. The Reserve Bank of Australia is warning of a shock to the global economy if countries engage in a trade war with the United States. And the RBA governor was joined by Prime Minister Malcolm Turnbull in strongly rebuking US president's Donald Trump's plan to impose tariffs on imported steel. Mr Trump is proposing a 25 percent tariff on steel and a 10 percent tariff on aluminium imports to the U-S, which would hurt Australian industry. But the U-S has reversed course and flagged possible exemptions to the tariffs, with specific mentions of possible exemptions for neighbours Canada and Mexico, after it previously said there would be be no exemptions. Mr Turnbull says he discussed an exemption for Australia with Mr Trump on his recent visit to the United States- and will continue to do so

Source: AAP (EPA/SHAWN THEW)