The Australian superannuation industry, valued at $2.8tn, is set to play a strategic role in the Albanese government’s efforts to secure an exemption from the Trump administration’s 25% tariffs on steel and aluminium imports this week. A delegation representing the largest super funds in Australia will engage in discussions with US officials as part of a four-day summit aimed at enhancing understanding of the industry’s contributions to the US economy and its plans to significantly increase investments.
The summit will feature an address by the Australian treasurer, Jim Chalmers, who will continue his advocacy for an exemption during a personal meeting with the US Treasurer, Scott Bessent. In support of their efforts, Australian diplomats will be present in both Washington DC and New York City.
A promotional video to be showcased at the summit, crafted by a participating super fund without government backing, emphasizes key investments made by the industry in crucial US election battlegrounds. Described in the video as “a pool of trusted capital from your long-term ally,” these funds are poised “to invest in America’s future” and have stated they will be “super for us and super for the US.”
Several fund managers, including the Super Members Council, believe the significant scale of investment by the Australian super funds could sway the Trump administration into granting an exemption from tariffs due to the substantial economic contributions made by these funds to the US.
Before the summit, a joint statement from 13 super funds highlighted their mission to strengthen Australia’s economic and diplomatic ties, reinforcing their growing influence on the international financial stage.
Jim Chalmers, the treasurer, has tempered expectations of securing a quick exemption from tariffs following his meeting with Bessent, emphasizing that their discussions will encompass broader topics beyond tariffs and trade. However, he affirmed that the summit aims to foster stronger economic ties, benefiting Australian workers in retirement.
Prime Minister Anthony Albanese recently secured a promise from Donald Trump to give “great consideration” to exempting Australia from the tariff increases, following their discussion on the matter. Trump acknowledged the positive nature of Australia’s relationship with the US, particularly praising Australia’s contributions across various sectors.
The summit will be attended by high-ranking Australian officials, including Australia’s ambassador to the US, Kevin Rudd, and representatives from the Future Fund. The opposition leader, Peter Dutton, has also publicly supported the call for an exemption, arguing that tariffs on Australia are unwarranted due to the existing trade surplus. This is in contrast to the stance of former Prime Minister Malcolm Turnbull, who successfully negotiated an exemption during the Trump administration’s first term.
Source: https://www.theguardian.com/australia-news/2025/feb/23/trusted-capital-from-your-long-term-ally-australian-supers-us-trip-to-bolster-efforts-to-avoid-trumps-steel-tariffs
