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The Guardian - AU
The Guardian - AU
National
Ben Doherty

Australia’s record gold exports to US set back its case for tariff relief as Trump trade war looms

United States Australia Donald Trump Gold Innes Willox aluminium America
Stacked gold bullion bars
Australia shipped a record amount of gold to the US in January – the month Donald Trump took office – undermining its key argument for exemption from tariffs. Photograph: David Gray/AFP/Getty Images

A run on gold in the US – fanned by fears of a global trade war – has given Australia its first trade surplus with the US in decades, undermining the government’s key argument for exemption from Donald Trump’s impending global tariff regime.

Australia will reportedly be included in a comprehensive global tariff regime of 25% on aluminium and steel imports from Wednesday, which is set to expand to other sectors, such as agriculture and pharmaceuticals, in coming months.

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