'Escalating trade tensions‘: Treasurer Jim Chalmers on Trump’s tariffs causing global economic concerns
Treasurer Jim Chalmers says there are growing signs US President Donald Trump’s tariffs were harming global trade and were not good for the economy.
Speaking in South Africa where he is attending a G20 meeting of treasurers and finance ministers, Dr Chalmers said this meant “this uncertainty and unpredictability” was being seen as “a new normal”.
“(It’s) not good for the American economy or the global economy or for our own individual domestic economies round the world,” he said on Friday.
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Dr Chalmers said the tariffs and their global impact had been “the defining influence” on discussions and talks at the G20, an international economic cooperating gathering that is also being attended by various central bank governors.
“The fact that it seems like each week there is a new announcement around tariffs, and that’s feeding into these escalating trade tensions and creating a lot of uncertainty,” he said.
“So I think that really is the defining influence on the discussions here at the G20 – trying to get our head around the best way to find those reliable markets, those robust supply chains, and the best way to do that is with more engagement, not less.”
The Treasurer also played down concerns about the rising unemployment rate, which increased in June to 4.3 per cent — higher than expected.
“This is unwelcome but it’s also unsurprising,” he said. “We’ve been saying for some time, including in our own budget forecast, that we expect a modest tick up in the unemployment rate.”
