Prime Minister Albanese reacted strongly to the blanket US tariffs on metals today. He said it was in breech of our free trade agreement, went against the 70 year economic co-operation between our two countries and the US in any case had a strong surplus with Australia.
He wasn’t about to slap tariffs on any US products in retaliation but would be pursuing an exemption, which he noted took some time the last time Trump tried this manoeuver.
President Trump has a heterodox economic view that tariffs are a good source of income. This approach did plunge the US (and the world) into the Great Depression in the early 1930’s and Tim Harcourt believes it will harm ordinary workers in the US.
Image: Image: Shutterstock – Ken Griffiths
Produced By: Roderick Chambers
Featured In Story: Professor Tim Harcourt, UTS Industry Professor and Chief Economist, and Prime Minister Anthony Albanese
First aired on The Wire, Wednesday 12 March 2025