Australian Treasurer: The Trump administration's extensive use of tariffs is "counterproductive and self-defeating."

ChainCatcher news, according to Jinshi Data reports, Australian Treasurer Chalmers stated in a speech in Queensland that the Australian government will avoid engaging in "race to the bottom" on tariff issues, adding that the extensive use of tariffs by the Trump administration is "counterproductive and self-defeating."

Chalmers noted that the rules that have supported global economic participation for over 40 years are clearly being rewritten. He added that the decision not to exempt Australia from U.S. tariffs on steel and aluminum is "disappointing, unnecessary, meaningless, and wrong."