The Trump administration has no grounds to punish Australia for its goods and services tax, former treasurer Peter Costello says, after the US president threatened allies with retaliatory tariffs, raising the prospect of more than $2 billion in new taxes for farmers and other exporters.
The US president on Friday ordered trade advisers to draw up a series of “reciprocal” tariffs on US trade partners in retaliation against taxes and other measures applied to American exports.
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