Will international laws affect the way Aussies shop soon? Lecturer shares his thoughts

Australians are no strangers to the ebb and flow of the global economy.

In return, these changes could impact everyone's daily lives—from the price of petrol to the cost of a loaf of bread.

Yet, recent developments in international trade could have a more significant effect on everyone's wallets in the most unexpected way possible.


United States (US) President Donald Trump recently rolled out a series of tariffs across the world, and Australia is not immune to the consequences.

David Leaney, a lecturer at the Australian National University's College of Business and Economics, spoke about the potential fallout from Trump's tariffs on our prime exports, including beef, steel, and aluminium.

Despite any efforts from the Australian government to secure exemptions, Aussies could feel a pinch on their wallets soon.


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The price of supermarket goods may rise soon due to massive changes in US laws. Image Credit: Pexels/Gustavo Fring


'You can't quarantine the impact of tariffs just to one area,' Leaney explained.

'The bad news is that there is an impact on Australian consumers' cost of living from Trump's love affair with tariffs.'

The severity of this impact is still up for debate, but history offered some insight into the looming changes.

In 2018, then-Prime Minister Malcolm Turnbull celebrated an exemption for Australian steel.

However, Leaney suggested that this victory was more symbolic than substantial.

With only a tiny fraction of Australia's steel exports going to the US, the exemption did little to shield our economy from the broader effects of the tariffs.


When Trump targeted Chinese steel, it led to a reduction in production.

This reduction meant that China bought less Australian iron ore.

'China adjusted its supply to match the demand and didn't really get hurt,' Leaney said.

'The one that got hurt was Australia because it really impacted our iron ore exports to China. So, when you're trying to hurt Country A, it's Country B that often ends up hurt.'
Trump's proposed tariffs included a 25 per cent tariff on most imports from Mexico and Canada, which former Canadian Prime Minister Justin Trudeau criticised as 'd***'.

Additionally, many Chinese goods were also subjected to a 10 to 15 per cent tariff, with the possibility of an increase to 20 per cent across the board.

Trump also suggested reinstating a 25 per cent tariff on all steel and aluminium imports to boost US production and protect local jobs.


While these measures might be aimed at bolstering the American industry and workforce, they could also lead to higher steel prices in the US due to the inability to manufacture exports as cheaply as China.

That is when Australians might start to feel the pinch.

As tariffs drive up manufacturing costs in the US, the price of goods imported into Australia could also rise.

Everyday items inside supermarkets could see a price increase.

The cost of Australian exports might also climb as tariffs make Australian products less competitive on the global market, potentially leading to a decrease in demand and a subsequent hit to the economy.

In addition, superannuation funds may take a hit due to these tariffs implemented by the United States government.

Learn more about the possible changes here.

So, what can consumers do this time?

It's essential to stay informed about these international developments and understand how they might affect daily expenses.
Key Takeaways

  • Tariffs imposed by the US are expected to have a secondary impact on the cost of living in Australia.
  • ANU lecturer David Leaney suggested that Australian leaders' efforts to secure exemptions on key exports may not prevent the broader economic effects of these tariffs.
  • Despite a previous tariff exemption for Australian steel, a significant drop in Chinese steel production affected Australian iron ore exports.
  • The broader imposition of tariffs is likely to raise steel prices in the US, which could lead to economic repercussions that could ripple through to Australia.
Have you noticed any changes in the prices of your regular purchases? Are you concerned about how these international laws affect your cost of living? Share your thoughts and opinions with us in the comments below.
 

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The Americans nearly wiped out the American Indians and even when they put them on Reservations and then discovered there was oil and gold on them kicked them off of the reservations and allowed these so called people who made America become some of the richest like JPMorgan and so on. they were heavily involved in the slave trade and wonder why it has come back to bite them. American President Wilson wanted to introduce the league of Nations after the first world war but his proposal was voted own by Congress. All wars America and the Colonial powers have been involved in have been disaster's, but the Americans have only participated if they can see some financial gain or dominance.
History has and will show America doesn't enter into a conflict unless they have something to gain whether it be minerals, Oil ETC. Read your history they killed 40,000 Philippine people when they had the conflict with Spain and what about the Mexicans when they took California ETC., Korea, Vietnam, Somalia, Iraq, Afghanistan and now Ukraine and many others that are hidden away in secret files.
 
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That is the biggest load of crap I have read this week !!
We produce steel, ok loose some coin by lower demand to the US, but it shouldn’t have any effect at the till in supermarkets !
Typical narrative pushing political bullshit ! Oh it’s TRUMP ! Let’s blame him then Australia will stop liking him !
Bloody democrats you people with your fn narrative !!
FN Wong & Albo still giving billions to fund the Ukraine war! Wake up people, it’s just another excuse to raise the cost of living and fuck us all over !!
 
I'm not too sure what the general consumer purchases from America. The few items I ordered from the USA inevitably are despatched to me from China or some other country so I trace the true supplier and order direct. Stuff America.
You shouldn’t be believing this propaganda the SDC is pushing ! Their obviously a leftist party lover !
 
Well his is a nut case
Why would you say that, when all he’s been doing since getting into office is cleaning up the illegal government activities from Biden and Co.
They have found over $1 trillion dollars in stolen money, and jail time for the muppets involved is to follow !

If you were paying American tax, you would like to know where your dollars are being spent !
Here we should know where our dollars are being spent,,, and from the outset it doesn’t look good,, Wong sending millions to Hamas! Albos millions to fund a war which isn’t ours, money to the WHO , non of this is authorised by the Australian people !!
FN wake up !
 
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Be thankful for what we've got and read the books like those written by the family. His madness goes back through the father, grandfather and probably further back. This bastard is Hitler NO 3 and God help all of us. Be honest with yourself and look at his dear friends....Putin, XI (china) and that bloke from North Korea. . Yanks have been controllers and murderers since the arrival of Columbus. They captured dark people and took them to America and made slaves of them and are killing them to this day. LEARN YOUR HISTORY.
Disregarding the invasion of Grenada? how many wars have the Yanks won on there own? without the help of any third parties?
 
Just as an aside.

Does the US allow the imports from Chinese online retailers such as Shein, Temu, et al, to conduct free and open trade, undermining US manufacturers?

If so, Trump is a total hypocrite, when he imposes tariffs on Canada and Australia, to name a few.
 
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I keep turning on TV for news to see if there's anymore catastrophic things he can do. Also waiting for Newsflash that someone has tried to take another pot shot at him
 

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