Australian Prime Minister Anthony Albanese hits out at the United States' looming tariffs on steel and aluminium, calling the measures "not a friendly act," after he failed to secure a last-minute exemption. Albanese said Australia would not retaliate.
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00:00Well it is disappointing. Australia has a close relationship with the United States.
00:06Friends need to act in a way that reinforces to our respective populations the fact that
00:13we are friends. This is not a friendly act. Tariffs and escalating trade tensions are a
00:20form of economic self-harm and a recipe for slower growth and higher inflation.
00:28They are paid by the consumers. This is why Australia will not be imposing reciprocal
00:35tariffs on the United States. Such a course of action would only push up prices
00:41for Australian consumers and increase inflation.