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.

President Trump has ordered global tariffs on imports of steel and aluminum of 25%. After some jockeying, which included threats by the Ontario premier to levy a 25% surcharge on electricity delivered to bordering states in the United States, the premier and Commerce Secretary Lutnick agreed to further discussions on revisions to the USMCA.

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,