Australia treasurer to meet US Treasury's Bessent amid push for tariff exemption

Australian Treasurer Jim Chalmers will meet with his US counterpart Scott Bessent on Tuesday in Washington, with Canberra seeking an exemption on 25% tariffs on imports of steel and aluminium announced by President Donald Trump last month.

Chalmers will be holding talks with Bessent ahead of the second day of an investment summit where ten of Australia's top pension funds, which control A$1.5 trillion ($950.7 billion) in combined assets, will be talking about closer economic ties with the US.

"Trade and tariffs will be part of the conversation but not the whole conversation," Chalmers said in a statement on his talks with Bessent.

"I won't pre-empt the talks on steel and aluminium, except to say they are ongoing discussions and I don't expect to conclude them while I'm there."

Australia Prime Minister Anthony Albanese said this month he was confident a deal could be reached with Trump, citing the "tremendous start" to Australia's relationship with the new US administration.

A key US security ally in the Indo-Pacific, Australia is a small global exporter of steel but the world's largest supplier of iron ore, the main raw material for steelmaking.

During his first term, Trump exempted Australia from US tariffs on steel and aluminium.

Australia has been keen to stress its position as one of the US's top 10 foreign investors, in large part due to its institutional pensions sector, known as superannuation or super funds.

Chalmers and Bessent will both address the superannuation summit at the Australian embassy in Washington on Tuesday, attended by the country's largest pension funds, as well as the CEOs of major US banks and governors or members of Congress from five states.

"This landmark super summit is all about stronger returns for Australians from stronger economic ties with the Americans," Chalmers said.