Australian Treasurer Jim Chalmers is scheduled to meet with U.S. Treasury Secretary Scott Bessent in Washington on Tuesday to discuss Canberra's request for an exemption from the 25% tariffs imposed by President Donald Trump last month on steel and aluminum imports.
Chalmers will engage in discussions with Bessent prior to the second day of an investment summit where Australia's top pension funds, managing a combined A$1.5 trillion ($950.7 billion) in assets, will explore deepening economic relations with the United States.
Chalmers stated, "Trade and tariffs will be topics of discussion, but not the sole focus," emphasizing the ongoing nature of the steel and aluminum negotiations with Bessent.
Prime Minister Anthony Albanese expressed optimism about reaching a deal with Trump, highlighting the promising start to Australia's engagement with the new U.S. administration.
As a key security ally in the Indo-Pacific region, Australia is a minor steel exporter but a major iron ore supplier globally, a vital material for steel production. In Trump's first term, Australia was exempt from U.S. tariffs on these metals.
Australia underscores its status as one of the top 10 foreign investors in the U.S., prominently due to its pension sector, referred to as superannuation or super funds.
Chalmers and Bessent will speak at the superannuation summit at the Australian embassy in Washington on Tuesday, joined by leading pension funds from Australia, CEOs of major U.S. banks, and state governors and lawmakers.
Chalmers highlighted, "This significant super summit aims to foster robust economic ties with the Americans for enhanced returns benefiting Australians."