TRADE UPDATE – 14 MARCH 2025: AUSTRALIA HIT BY US TARIFFS, AUSTRALIA SAYS NO TO RETALIATION WITH TARIFFS, APEC REPORT WARNS OF UNCERTAINTY and many more…
Weekly trade review provided by Chatto Creek Advisory Pty.
Chatto Creek Advisory Pty Ltd is a Melbourne-based strategic consultancy specialising in trade policy advice and government engagement strategy. It is headed by Russell Scoular, an executive with rich government relations, trade policy, and business experience throughout the Asia Pacific.
AUSTRALIA HIT BY US TARIFFS: Australia’s bid for an initial exemption from US tariffs on aluminium and steel has failed. The 25% tariffs began on Wednesday afternoon with no exemptions. Prime Minister Albanese said Australia would continue to put forward a strong case for an exemption.
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AUSTRALIA SAYS NO TO RETALIATION WITH TARIFFS: Prime Minister Albanese has ruled out retaliating with tariffs on US goods. He described the decision by the Trump Administration as “entirely unjustified. Tariffs were a form of economic self-harm which would push up costs for Australian consumers.
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APEC REPORT WARNS OF UNCERTAINTY: Economic activity in the APEC economies is expected to slow in 2025 with GDP growth of 3.3% compared to 3.5% in 2024. The APEC Regional Trends Analysis warns of further medium-term risks including trade restrictions, fiscal pressures and geopolitical uncertainties.
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NZ PRIME MINISTER HEADS FOR INDIA: Prime Minister Luxon is jetting to India in a bid to boost economic and trade relations with India. He will be accompanied by Trade Minister McClay and a large business delegation. They will visit Delhi and Mumbai. Luxon is also to meet with Prime Minister Modi.
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AUSTRALIA SENDS TOP DIPLOMAT TO HANOI: Australia has appointed a top diplomat Gillian Bird as Ambassador to Vietnam. She was most recently Ambassador to France. In announcing the appointment, Foreign Minister Wong said the relationship was underpinned by dynamic economic and trade links.
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SOUTH KOREA & EU REACH DIGITAL AGREEMENT: South Korea and the EU have concluded negotiations for a Digital Trade Agreement. Meanwhile, Trade Minister Ahn spoke with Australian Trade Minister Farrell on Tuesday where the topics canvassed included supply chains, clean economy and digital trade.
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SINGAPORE SEEKS COMMENT ON ASEAN-INDIA REVIEW: The Ministry of Trade and Industry is seeking public comment on the review of the ASEAN-India Trade in Goods Agreement. The agreement entered into force in 2010. The review was launched in 2020. The Ministry is seeking feedback by 18 March.
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EU LOOKS FOR NEW ZEALAND COMMITTEE: The EU is establishing Domestic Advisory Groups to oversee its free trade agreements with Kenya and New Zealand. The groups will encompass membership from business, labour, and civil society and will seek to advise the EU on the implementation of the agreements.
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US FINDS TARIFF END WOULD BOOST RICE EXPORTS: A rice competitiveness study by the US International Trade Commission has found the removal of global rice tariffs would boost US rice production and exports. The removal of such tariffs would cause US rice exports to rise by more than 40% from 2023 levels.
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NEW ZEALAND APPOINTS NEW TRADE CHAIR: New Zealand has appointed a former diplomat and trade negotiator Charles Finny as chair of New Zealand Trade and Enterprise. He succeeds Jennifer Kerr. Trade Minister McClay said Cabinet had agreed to refocus the work of NZTE to drive greater export value.
