Mining and resources exports to fall $30 billion due to Trump tariffs
In China, the best consumer of the Australian iron ore, tariffs come at a difficult time: steel production levels weaken in the midst of a long -lasting regression in the country’s property industry and reduce the profit of the mining giants BHP and Rio Tinto on the ASX list.
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Meanwhile, the best LNG transporters, including Australia’s WoodSide Energy and Santos, are at risk of reducing prices from 2027 when the new LNG projects in the USA and Qatar begin production.
Since Australia is a major trade country, it will leave a significant detention in the federal government chests based on mining and gas copyrights based on mining and gas copyrights than expected.
In general, total export gains from Australia’s energy and mining sectors are expected to fall from 33 billion dollars to 3385 billion dollars to 352 billion dollars by 2026-27.
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However, a bright point for the country’s export revenue is the increase price of gold, which reaches a record level of more than $ 3400 ($ 5200) in June quarter.
The price of the yellow metal, which is seen as a safe shelter commodity in which investors stored in political and economic uncertainty periods, is gathering behind the US-China Tariff War this year, the US financial appearance and the Middle East and Ukraine.
Prices will remain over $ 3000, and the gold will pass the third largest export winner behind Australia’s LNG and Iron Cevheri next year.
The Minister of Resources Madeleine King “partially balances the effect of two basic metal – low iron ore and LNG prices needed in batteries and electrical cables to strengthen the shift of global cleaner energy as well as gold exports, as well as gold exports.
Despite the income decrease, export volumes are higher in the next two years to support their business and the Australian economy.
“Australia continues to be a reliable and reliable resource and energy supplier to the world during the ongoing global uncertainty,” he said.
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