Treasurer Jim Chalmers and former Australian Prime Minister Kevin Rudd are using Australia's AU$4 trillion superannuation industry to try and avoid new tariffs imposed by President Donald Trump's administration.

Chalmers met with U.S. Treasury Secretary Scott Bessent on Tuesday morning to discuss the tariffs on steel and aluminium, as Australia sought an exemption from the 25% tariffs, which were set to take effect on March 12, 9News reports.

At the inaugural U.S. Superannuation Investment Summit in Washington DC, Chalmers emphasized the significance of the Australia-U.S. relationship, highlighting the current trade balance, which shows a two-to-one surplus in favor of the U.S.

The summit, held on Monday and Tuesday, and continuing in New York for two more days from Wednesday, aimed to highlight the superannuation sector's interest in boosting investment in U.S. infrastructure and assets.

With $400 billion (AU$631.6 billion) already........

© International Business Times