Australia is well-prepared to manage the direct shocks of U.S. President Donald Trump's tariffs, but the global economic slowdown they trigger could impact the nation's growth, Treasurer Jim Chalmers said Monday.

Chalmers' comments come as markets around the world have been shaken, with volatility in currency, stock, and bond markets disrupting the federal election campaign. Despite this, he reassured Australians that the country's economy was in a strong position to weather the storm, ABC News reported.

"But we still do expect Australian GDP to take a hit and we expect there to be an impact on prices here as well," Chalmers said. "I don't predict or pre-empt those decisions, but the market is certainly now expecting multiple interest rate cuts over the course of the year, beginning in May."

Australia expects consumer spending to rise due to slowing inflation and government tax cuts, reported

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