Trump Policies ‘Seismic’ For Global Economy Warns Australia’s Treasurer (Full Interview)
March 24, 2025
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11:00Now PlayingTrump Policies ‘Seismic’ For Global Economy Warns Australia’s Treasurer (Full Interview)
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as posted by the channelAustralia’s Treasurer Jim Chalmers warned that the new US administration’s policies will have a “seismic” impact on the global economy, ahead of his national budget due to be handed down on Tuesday.
Chalmers will unveil new cost-of-living assistance for Australians in the budget, with rebates on electricity bills to be extended for six months at a cost of A$1.8 billion ($1.1 billion) to the budget bottom line. In addition, the government said it would cut and reprioritize a further A$2.1 billion in spending, partly through reducing outlays on contractors.
The treasurer said he is expecting a small boost to revenue in the budget, while adding that the global economic volatility sparked by the return of President Donald Trump to the White House has “cast a shadow over this budget.”
Trump is preparing a “Liberation Day” tariff announcement on April 2, unveiling so-called reciprocal tariffs he sees as retribution for tariffs and other barriers from other countries, including potentially longtime US allies. Australian Treasurer Jim Chalmers spoke to Bloomberg TV ahead of the budget’s release.
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