Australia’s $2.8tn superannuation business will bolster the Albanese authorities’s bid to safe an exemption from the Trump administration’s 25% tariffs on metal and aluminium imports this week.
A delegation of Australia’s largest funds will meet with US authorities officers from Monday, as a part of a four-day summit designed to enhance consciousness of the business’s long-term contributions to the US financial system and its plans to greater than double funding.
The treasurer, Jim Chalmers, will handle the summit, which has been supported by Australian diplomats in Washington DC and New York Metropolis, and proceed to foyer for an exemption throughout an in-person assembly with the US treasury secretary, Scott Bessent.
A video to be performed on the summit, which was produced by a big fund attending the summit with out authorities help, highlights the business’s funding in key swing states at current elections.
“A pool of trusted capital from your long term ally,” mentioned one actor dressed as a chef within the video, which was first broadcast by ABC Insiders and has been verified by Guardian Australia.
“Ready to invest in America’s future,” mentioned one other enjoying a trainer. “Super for us and super for the US,” the actors mentioned.
Some fund managers, together with the Tremendous Members Council, imagine the summit might affect the Trump administration to exempt Australian business from tariffs because of the scale of their funding within the US financial system.
A joint assertion issued by 13 tremendous funds earlier than the summit acknowledged they had been “helping strengthen Australia’s economic and diplomatic ties, shoring up our growing influence on the international financial landscape”.
“As Australia and the United States continue to strengthen diplomatic and economic ties, the historic summit is a rare opportunity to acknowledge and celebrate what brings our nations together – and forge a plan for how we deepen these relationships for years to come, ultimately benefitting Australian workers in retirement,” the joint assertion, launched on Friday, mentioned.
Chalmers, who departs for the US on Sunday night time, has performed down expectations of a tariff exemption after assembly Bessent, flagging any choice will not be probably within the brief time period.
“Trade and tariffs will be part of the conversation, but not the whole conversation,” Chalmers advised ABC Insiders. That’s an ongoing dialogue that we’re having with our American counterparts. I don’t count on he’ll conclude these discussions on metal and aluminium whereas I’m in DC.”
He mentioned the superannuation summit was “all about stronger returns for Australians from stronger ties with the American economy”.
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Earlier this month, Donald Trump mentioned he would give “great consideration” to exempting Australia from the tariff will increase after a dialog with prime minister Anthony Albanese, who he praised as a “very fine man”.
Throughout a White Home occasion to mark Black Historical past Month on Thursday, Trump once more praised Australia. When referencing the golf participant, Adam Scott, he mentioned: “he comes from another nice place like Australia, and they’ve been very good. Very, very good to us.”
Australia’s ambassador to the US, Kevin Rudd, will attend the summit together with Australia’s consul-general in New York Metropolis, Heather Ridout, and representatives from the Future Fund.
The opposition chief, Peter Dutton, has additionally publicly urged the Trump administration to exempt Australia from tariffs, claiming any transfer on the contrary would “damage the relationship” between the 2 international locations.
“Tariffs are not warranted against Australia because we have a trade surplus,” he mentioned.
Then prime minister Malcolm Turnbull negotiated a carve out from metal and aluminium tariffs throughout Trump’s first time period.
