Australia's Treasurer, Jim Chalmers, announced on Sunday that he will travel to the United States this week for discussions with U.S. counterpart Scott Bessent, including talks on tariffs.

Chalmers told Australian Broadcasting Corporation television that he will depart for Washington on Sunday to engage in direct conversations with his U.S. Treasury counterpart, emphasizing that trade and tariffs will be key topics.

The trip follows U.S. President Donald Trump's recent agreement to consider exempting Australia from his steel and aluminum tariffs, given its trade surplus with the U.S., after a phone call with Prime Minister Anthony Albanese.

Chalmers mentioned that he does not anticipate finalizing discussions on steel and aluminum during his Washington visit but is eager to meet Bessent for the first time since he assumed his role.

Prime Minister Albanese expressed confidence earlier this month that a deal with Trump could be achieved, citing the "tremendous start" to Australia's relationship with the new U.S. administration.

As a crucial U.S. security ally in the Indo-Pacific, Australia is a modest global exporter of steel but the world's largest exporter of iron ore, the primary steelmaking raw material. During Trump's first term, Australia was exempted from U.S. tariffs on steel and aluminum.