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Donald Trump announces new tariffs on steel and aluminium

The Australian stock market has taken a hit after US President Donald Trump announced new tariffs on steel and aluminium imports from Brazil and Argentina.

Mr Trump claims the move was necessary as the countries’ weak currencies had made it harder for US food exports to compete.

$45 billion has been wiped off the stock market as a result of this announcement and increased fears of trade wars.

Trade Minister Simon Birmingham tells Ross Greenwood as long as Australia upholds its commitments it should remain exempt from tariffs.

But he says the tariffs aren’t good for any economy.

“These sorts of actions are hurting the global economy, and that sort of diminishing of global economic growth has a spillover impact that is hitting all of the rest of us around the world and that’s not something we want to see continue.”

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