Australia will not impose reciprocal tariffs on the United States, Prime Minister Anthony Albanese said on Wednesday, after President Donald Trump ruled out exemptions or exceptions for all countries on steel and aluminium tariffs.

Speaking at the International Institute of Finance event in Sydney, Westpac chief executive Anthony Miller said it was important not to react to tariffs, but “keep calm and play the long game”.“In a world where there is so much more volatility and uncertainty,

Former Trump Senior Advisor Christian Whiton discusses US tariffs and the impact it will have on the global economy.

Albanese didn’t mince words in responding to Trump’s refusal to grant an exemption from the new tariffs. Does it signal a change in how Australians view America?

Australia on Wednesday said it was "really disappointing" U.S. President Donald Trump did not give it exemptions on steel and aluminium tariffs, but vowed to continue lobbying the U.S. administration for a reprieve.

Australia is playing down the possibility of an exemption from steel and aluminum tariffs expected from US President Donald Trump within days, despite last-minute discussions between officials in Canberra and Washington.

Australia has failed to win an exemption from Donald Trump’s 25% tariffs on aluminium and steel, but the government has vowed to fight on for a carve out. Prime Minister Anthony Albanese declared the decision was “against the spirit of our two nations’ enduring friendship”. “This is not a friendly act,” he said.

Donald Trump's tariffs on Australian steel and aluminium are now in effect. Requests for an exemption have been denied alongside attempts to speak to the US president on the phone. There are now concerns the exemption refusal could be the first step in a series of tariffs potentially targeting Australia's lucrative agricultural sector next.

Canada has imposed retaliatory tariffs on almost $30 billion of US imports since President Donald Trump’s across-the-board 25% tariff on steel and aluminum took effect. Watch this report for more details!