Treasurer Jim Chalmers has warned that retaliatory trade measures against US tariffs could severely impact Australia's economy, with Treasury modelling suggesting a potential hit four times greater than the direct effects of the tariffs themselves. The US-imposed tariffs on Australian steel and aluminum are expected to reduce Australia's GDP by just 0.1%, but a broader trade war could have far-reaching consequences. Business leaders and farmers are urging a cautious approach to negotiations with the Trump administration to avoid escalating tensions. Meanwhile, global economic forecasts predict slower growth due to the uncertainty surrounding US trade policies. The Australian government is weighing its response carefully to protect key industries and economic stability.
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