Reported at www.abc.net.au: During a summit at the Australian Embassy in Washington, US Treasury Secretary Scott Bessent emphasised that Australia must increase its defence spending to maintain US security assurances and market access, warning of potential tariffs with no guaranteed exemptions for Australia.

Bessent’s statements highlighted the need for “genuine burden sharing” among allies.

Treasurer Jim Chalmers and Ambassador Kevin Rudd argued for tariff exemptions, citing Australia’s significant investments in US sub-manufacturing and its critical minerals resources.