Malcolm Turnbull says Australia won't join global WTO action against Trump tariffs

US President Donald Trump has pushed ahead with tariffs on steel and aluminium imports including from allies

US President Donald Trump has imposed heavy tariffs on imported steel and aluminium, sparking fears of a global trade war.The commerce ministry is studying the impact of duty hike by the US on certain steel and aluminium products as India exports these goods worth about $2 billion per annum to America.

"We have our economic relationship, we have our security relationship", he said.

"The United States was not asking anything in return". While the outcome of the lobbying efforts proved successful, experts have warned that Australia might not be out of the woods just yet.

However, Mr. Hawthorne said the tariffs could become problematic if they create a domino effect of further tariffs on additional products and materials.

But Mr Turnbull says Australia has a strong anti-dumping regime and it is prepared for steel imports. According to data from S&P Global Platts a small amount of the 2% of imported steel that came into the US past year was from China.

There has been speculation Australia would support WTO action by other nations who are not exempt, with Trade Minister Steve Ciobo saying on Sunday that Australia would "practice what we preach on free trade" and look at complaints on a case-by-case basis.

Australia got packaged in 243 runs
Australia ended day three on 180/5 and will continue batting on Monday at 10:00 local time or 08:00 GMT. I became a dad at the same time, all of a sudden two boys are around and I've got a family.

"There's a clear recognition about Australia's status as an ally and our four-to-one trade surplus in America's favor".

But on Monday investors breathed a sigh of relief after news of Friday's exemption lifted the stock around 4 percent at the open, to begin the session at 15.88 cents (AUD). "It cannot get any better", the Prime Minister said.

Turnbull also made the announcement that despite Australia's opposition to protectionism, due to the exemption granted by Washington, the government would not join any other nations that may decide to legally challenge the tariffs.

"There was speculation in the media about actions taken with other countries to do with these U.S. steel and aluminium tariffs..."

Labor wants the government to triple the penalties for dumping - selling at an extremely low price - products into the Australian market, give the Anti-Dumping Commission more funding, and give that body all responsibilities for dealing with trade issues instead of splitting the job with the Productivity Commission.

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