Australia’s $2.8tn superannuation industry will bolster the Albanese government’s bid to secure an exemption from the Trump administration’s 25% tariffs on steel and aluminium imports this week.
A delegation of Australia’s largest funds will meet with US government officials from Monday, as part of a four-day summit designed to improve awareness of the industry’s long-term contributions to the US economy and its plans to more than double investment.
The treasurer, Jim Chalmers, will address the summit, which has been supported by Australian diplomats in Washington DC and New York City, and continue to lobby for an exemption during an in-person meeting with the US treasury secretary, Scott Bessent.
A video to be played at the summit, which was produced by a large fund attending the summit without government support, highlights the industry’s investment in key swing states at recent elections.
“A pool of trusted capital from your long term ally,” said one actor dressed as a chef in the video, which was first broadcast by ABC Insiders and has been verified by Guardian Australia.
“Ready to invest in America’s future,” said another playing a teacher. “Super for us and super for the US,” the actors said.
Some fund managers, including the Super Members Council, believe the summit could influence the Trump administration to exempt Australian industry from tariffs due to the scale of their investment in the US economy.
A joint statement issued by 13 super funds before the summit acknowledged they were “helping strengthen Australia’s economic and diplomatic ties, shoring up our growing influence on the international financial landscape”.
“As Australia and the United States continue to strengthen diplomatic and economic ties, the historic summit is a rare opportunity to acknowledge and celebrate what brings our nations together – and forge a plan for how we deepen these relationships for years to come, ultimately benefitting Australian workers in retirement,” the joint statement, released on Friday, said.
Chalmers, who departs for the US on Sunday night, has played down expectations of a tariff exemption after meeting Bessent, flagging any decision may not be likely in the short term.
“Trade and tariffs will be part of the conversation, but not the whole conversation,” Chalmers told ABC Insiders. That is an ongoing discussion that we’re having with our American counterparts. I don’t expect he will conclude those discussions on steel and aluminium while I’m in DC.”
He said the superannuation summit was “all about stronger returns for Australians from stronger ties with the American economy”.
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Earlier this month, Donald Trump said he would give “great consideration” to exempting Australia from the tariff increases after a conversation with prime minister Anthony Albanese, who he praised as a “very fine man”.
During a White House event to mark Black History Month on Thursday, Trump again praised Australia. When referencing the golf player, Adam Scott, he said: “he comes from another nice place like Australia, and they’ve been very good. Very, very good to us.”
Australia’s ambassador to the US, Kevin Rudd, will attend the summit along with Australia’s consul-general in New York City, Heather Ridout, and representatives from the Future Fund.
The opposition leader, Peter Dutton, has also publicly urged the Trump administration to exempt Australia from tariffs, claiming any move to the contrary would “damage the relationship” between the two countries.
“Tariffs are not warranted against Australia because we have a trade surplus,” he said.
Then prime minister Malcolm Turnbull negotiated a carve out from steel and aluminium tariffs during Trump’s first term.
