As Trump dashes its hopes for tariff relief, Australia rejects retaliation

However, on Tuesday the White House announced that the previously planned 25 per cent tariffs on all imported steel and aluminium products into the US from all countries would take effect on Wednesday.

Albanese said the decision by the Trump administration was “entirely unjustified … and against the spirit of our two nations’ enduring friendship and fundamentally at odds with the benefit of our economic partnership.”

But he said imposing reciprocal tariffs on the US would only push up prices for Australian consumers and spur inflation.

“Tariffs and escalating trade tensions are a form of economic self-harm, and a recipe for slower growth and higher inflation. They are paid by the consumers,” Albanese told reporters.