By comparison, less than $1 billion of steel and aluminium was exported to the US in 2023, according to data from UN Comtrade, consisting of about $500 million of aluminium and less then $400 million of steel. Exports to the US account for about 10% of Australia’s total exports of these metals.

President Donald Trump has agreed to consider an exemption for Australia from US tariffs on steel and aluminum following a telephone call with Prime Minister Anthony Albanese, even after he initially said there would be no exceptions from the imposts.

All steel and aluminium imports to the United States are set to be slapped with 25 per cent tariffs, Donald Trump has announced, marking a major escalation of his administration’s move to up-end trade policy.