Australia will invest Aus$750 million (US$470 million) to support its metals industries in developing low-emissions technology and increasing exports, the government announced on Friday. The initiative aims to strengthen the country's alumina, aluminium, iron, and steel sectors, which generate over Aus$150 billion annually in exports. Part of the broader "Future Made in Australia" industrial policy, the funding will help finance new technologies, pilot projects, and upgrades to improve productivity and reduce emissions. The announcement follows US President Donald Trump's decision not to exempt Australia from impending steel and aluminium tariffs. Prime Minister Anthony Albanese criticized the tariffs as an "act of economic self-harm" and expressed disappointment that the US, a close ally, had not granted exemptions as it did during Trump’s previous term. He argued that the US has historically benefited from a trade surplus with Australia and stressed that Canberra would continue advocating for fair trade, emphasizing that Australia does not impose tariffs on US goods and expects the same in return.