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Treasurer issues grim message on economy if trade war takes hold
ABC NEWS (Australia)
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3/19/2025
Donald Trump's tariffs are slowing global economic growth and driving up inflation, according to the latest OECD outlook. The Treasurer Jim Chalmers says the world has entered an era of uncertainty and it's playing havoc with the federal budget.
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00:00
At Rio Tinto's Queensland aluminium smelter, dealing with global forces can be a precarious
00:10
balancing act.
00:11
We are going to make Australian steel and aluminium the best in the world.
00:16
Now searching for new markets after Donald Trump's decision to slap 25% tariffs on metal
00:23
imports.
00:24
Disappointing, unnecessary, senseless and wrong.
00:28
Treasury estimates the direct hit from these tariffs will be modest, 0.02% of GDP.
00:35
But this is just the first round.
00:37
The indirect GDP impacts of a trade war could be up to four times larger than the direct
00:43
impacts of tariffs on our own economy.
00:46
Whether it's tariffs, a slowing Chinese economy or wars in Europe and the Middle East.
00:52
This is a new world of uncertainty.
00:54
There's disruption at every turn.
01:01
It's against this backdrop that Jim Chalmers will next week hand down his fourth budget
01:06
with deficits as far as the eye can see and fewer surprises this time around on budget
01:12
night.
01:13
In keeping with the theme, the Prime Minister will speak with his Canadian counterpart Mark
01:17
Carney this evening, a man who's arguably bearing the brunt of Trump's tariff fury.
01:23
He was determined to maintain a narrow focus on the economy, contrasting its approach with
01:29
that of its political opponents.
01:31
We will be seeking a mandate at the next election to keep Australians safe.
01:35
Having opposed the voice to parliament, Peter Dutton has proposed another referendum.
01:40
This time giving the government absolute power to deport criminal dual nationals.
01:46
Shadow Attorney General Michaelia Cash later downplayed it, saying a referendum would only
01:51
be a last resort.
01:53
Her former colleague was less restrained, George Brandis calling it mad with no chance
01:59
of success.
02:00
All options are on the table, but we haven't announced that policy.
02:04
This is another thought bubble from Peter Dutton.
02:07
And that's making some Liberals nervous.
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