U.S. tariffs primary topic during the first meeting of fiscal leaders.
U.S. Treasury Secretary Scott Bessent welcomed Australian Treasurer Jim Chalmers to Washington D.C. for a week of meetings. Australian Ambassador Kevin Rudd was also involved in the meetings. Their discussions focused on tariffs proposed by President Donald Trump, particularly those on steel and aluminum. Treasurer Chalmers advocated for exemptions for his nation.
Secretary Bessent highlighted that exemptions are not guaranteed, that President Trump is committed to reciprocal tariffs, and that the need for allies to increase defense spending is connected to the proposed tariffs.
The treasury secretary called it “genuine burden sharing,“ stating, “U.S. security assurances and market access need to meet with stronger commitments from our allies to spend more on their collective security and to structure their economies in ways that reduce imbalances over time.“
As the Lord Leads, Pray with Us…
- For Secretary Bessent to be discerning as he lays out the administration’s policies on tariffs and defense.
- For the president and members of his administration as they seek to ensure parity in trade with the nation’s allies.
Sources: The Hill, ABC Net AU
