Australia’s Treasurer Weighs Impact of Possible US Drug Tariff

Australian Treasurer Jim Chalmers tells Bloomberg TV that Australia will “quite dramatically” boost its defense spending, while working with other Group of 20 nations to improve cooperation to combat volatility. Chalmers also warns that he sees US tariffs levied on countries around the world by President Donald Trump as an act of “economic self-harm.” He was speaking on the sidelines of a meeting between many of the world’s most powerful finance ministers in South Africa.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Michael Heath

July 18, 2025 at 4:31 AM EDT

Australia is evaluating the impact of potential US tariffs of 200% on pharmaceutical imports, Treasurer Jim Chalmers said, while reiterating that his nation’s subsidies for certain drugs are not up for negotiation.

“We’re working through” how the potential tariff might work with the industry and “the potential consequences of pharmaceuticals being caught up in these escalating trade tensions,” Chalmers said in an interview with Bloomberg Television from the Group of 20 meeting in South Africa on Friday.