Australia Asks for Exemption From Trump's 25% Tariffs on Steel, Aluminum

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Australia has asked for an exemption from 25% tariffs on steel and aluminum just ordered by U.S. President Donald Trump. Taiwan is among the U.S.'s top ten suppliers of steel.

Transcript

00:00Australia has asked for an exemption from new U.S. tariffs on steel and aluminum, which

00:06were just signed into effect by U.S. President Donald Trump.

00:09I presented Australia's case for an exemption and we agreed on wording to say publicly,

00:19which is that the U.S. President agreed that an exemption was under consideration for in

00:28the interests of both of our countries.

00:33Trump had previously said that there would be no exceptions on the 25% tariffs.

00:38Washington is aiming to ensure that it, quote, never has to rely on foreign nations for critical

00:43industries, including steel and aluminum.

00:45Currently, the largest foreign sources of U.S. steel are Canada, Brazil and Mexico,

00:50but Taiwan also ranks among the top ten suppliers.

00:53Meanwhile, the price of gold has broken record highs as Trump's tariffs raise fears of a

00:58multi-front trade war.

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