Donald Trump has declared a plan to impose sweeping tariffs on steel and aluminium imports from next week.

Mr Trump told steel and aluminium executives he would levy penalties of 25% on steel and 10% on aluminium imports.

Minister for Trade, Steven Ciobo, tells Chris Kenny he hopes Australia has a chance of exemption from these new tariffs.

“It could be that it’s a unilateral tariff that’s applied to all imports to the United States… in which case we would be captured.

“Or it could be as we get to the detail that there could be country exemptions including Australia.”

He tells Chris Kenny it’s important not to overstate the situation.

“Even if these tariffs were to apply to Australian exports, yes they would have an impact… but I certainly don’t think it would damage the economy.”

Listen to the full interview below