Treasurer Jim Chalmers will travel to Washington on Sunday evening for his first face-to-face meeting with his US counterpart, Treasury Secretary Scott Bessent, as the Australian government continues to press for exemptions from tariffs on steel and aluminium exports to the US.
Mr Chalmers told the ABC's Insiders program that trade and tariffs were firmly on the agenda for the meeting, though he didn't expect to lock in a decision from the US during the visit.
"This won't be the first time that I've met with Secretary Bessent, but the first time since he was confirmed in that new role," Mr Chalmers said.
"Trade and tariffs will be part of the conversation, but not the whole conversation. That's an ongoing discussion that we are having with our American counterparts.
"I don't expect to conclude those discussions on steel and aluminium while I'm in DC, but whether it's the flow of capital or critical minerals and trade, there's lots to talk about."
Shortly after taking office, US President Donald Trump announced 25 per cent tariffs on steel and aluminium imported into the US, both of which are due to take effect next month.
Australia exported 223,000 tonnes of steel to the US last year and 83,000 tonnes of aluminium. Those exports were worth $US237 million ($377 million) in 2023, according to data from Trading Economics.
Prime Minister Anthony Albanese spoke to Mr Trump shortly after he announced the sweeping tariffs, in what the prime minister described as a "constructive and warm" conversation.
Shortly after the call, Mr Trump said he would give "great consideration" to Australia's request for an exemption to the tariffs.
Australia has had a free trade deal with the United States for two decades, and the vast bulk of trade between the two countries is currently tariff free.
The federal government has repeatedly highlighted Australia's trade deficit with the US since Mr Trump won last year's election — Australia exported about $33 billion worth of goods to the US in 2023, and imported about $65 billion.
The treasurer's visit coincides with a major push by Australian superannuation companies to build ties with the Trump administration, starting with a "super showcase" kicking off in Washington DC and New York this week.
The government is hoping the four-day showcase in Washington and New York will help convince Donald Trump not to impose tariffs on Australia, by demonstrating how heavily Australians are investing in the US through their super.
The showcase is well-timed. On Saturday, the Trump administration announced a new "America First Investment Policy" aimed at "welcoming foreign investment" as a "key part of America's Golden Age".
The policy statement highlights the importance of investment from partners and allies but criticises investment from China.
President Trump's directive establishes new investment rules "to curb the exploitation of [US] capital, technology, and knowledge by foreign adversaries such as China to ensure that only those investments that serve American interests are allowed," according to a fact sheet released by the White House.
A crackdown on Chinese investment in the US could present new opportunities for Australian superannuation funds, with new industry analysis showing Australia's pool of retirement savings is on track to grow from the fourth to the second largest in the world over the coming decade.
More than a third of foreign private market investment from Australian super funds goes to the United States.
The super summit, to be hosted at the Australian embassy in Washington over two days, followed by two days in New York, will also be attended by representatives of the Future Fund and other investment banks.
Senior Trump administration figures, along with several state governors are expected to attend.
President Trump is still considering an exemption for Australia from new tariffs he's threatened to impose on all steel and aluminium imports to the United States.
A decision is due within weeks.
The president has separately threatened to impose so-called "reciprocal tariffs" on trading partners in retaliation for various local industry subsidies and taxes imposed on US products, potentially including Australia's GST.
In an effort to cut through to the Trump team, a blunt promotional video has been produced for the summit.
It features "working Australians" talking about investing in various American projects through their super.
The video lists investments in swing states and references the US-Australia alliance.
"Super for us and super for the US," is the tagline. The video, styled as a TV advertisement, is considered more likely to be viewed by Donald Trump than a Powerpoint presentation.
