US tariff policies bring uncertainties to global trade: Australian expert
US doubles steel and aluminum tariffs, while Australia warns of global harm and pushes for stronger free trade ties with key partners.
SYDNEY: The tariff policies of the United States have brought uncertainties to global trade, impacted the global economy and also undermined the economic development of the United States itself, said a professor of Global Economic Practices at the University of Sydney.
AI Brief
- The US raised tariffs on imported steel and aluminum from 25% to 50%, alarming global trade partners.
- Australia criticizes tariffs, citing harm to growth and inflation, and reaffirms support for free trade.
- Australia is boosting trade talks with Europe, Canada, and China in response to US trade uncertainty.
In an exclusive interview with China Central Television (CCTV), Professor Hugh Harley said tariffs will cause damage across the board, and Australia supports free trade.
"In Australia, we never agree that tariffs are a good solution. They're a form of harm, as I said, slower growth, higher inflation. So we'll always back free trade," he said.
Harley said uncertain trade policies can affect the confidence of investors and even consumers, which is not beneficial to the global economic development.
He said the current tariff policy of the United States is also prompting Australia to actively contact countries that are also affected by U.S. tariffs, and jointly seek solutions.
"It's also going to encourage Australia and other countries who aren't directly impacted by the U.S. tariffs to talk to each other. So, for instance, Australia's been invited to the G7 in Canada in a month's time. There are discussions about deeper trade, but between Australia and Europe, Australia and Canada. And of course the relationship in free trade terms between Australia and China is very important too. And I'm sure a lot of efforts' been put in on both sides to strengthen that relationship," he said.
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