G20 Summit: Australia wins US import tariff exemption for aluminium

<p>The prime Minister of Australia Malcom Turnbull and Finance Minister Mathias Cormann succeeded in lobbying US President Donald Trump and other officials on the sidelines of the recently ended G20 Hamburg Summit and won import tariff exemption for Australian aluminium (and steel), reported Australian Financial Review.</p> <p>Turnbull and Cormann made a strong case in this regard in multiple meetings held parallel to the main Summit. The credit for the initial legwork, however, goes to Australia&rsquo;s Trade Minister Steven Ciobo, BlueScope Steel and Rio Tinto.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/G20.jpg" alt="News" width="517" height="291" /></p> <p>The duo discussed with President Trump and his officials on how overproduction of aluminium by China and dumping of the same in the world market was adding to the global glut scenario. They also convinced him that &ldquo;Australia was a strong ally of the US, its steel and aluminium a relatively small source of imports, and should therefore be spared,&rdquo; AFR reported.</p> <p>{googleAdsense}</p> <p>In a host of other trade developments, the world&rsquo;s 20 largest economies agreed on pursuing free trade, but there was a clause insisted by the US that aims at enabling "trade defence instruments"- a code for tariffs.</p> <p>"We will keep markets open, noting the importance of reciprocal and mutually advantageous trade and investment frameworks," the final communique stated.</p> <p>The G20 will continue to "fight protectionism including all unfair trade practices and recognise the role of legitimate trade defence instruments in this regard".</p>