US tariffs on steel and aluminum worry Australia, with potential $3 billion indirect economic hit.
US tariffs on steel and aluminum are raising concerns about global trade tensions and their impact on the Australian economy. Treasurer Jim Chalmers warns that while the direct impact on Australia's GDP could be a manageable $500 million by 2030, broader indirect impacts could amount to $3 billion due to trade tensions. Chalmers labels the tariffs "self-defeating," as they could lead to less growth and higher inflation globally. The OECD has downgraded the economic outlook for Australia, reducing GDP growth predictions to 1.8%. Despite the risks, Australia plans to focus on resilience rather than retaliatory measures.
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