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Treasurer Jim Chalmers has assured Australians that the impact of U.S. President-elect Donald Trump's tariff plans on the country would be minimal, but added that trade partners might be affected.

While addressing the Australian Institute of International Affairs in Canberra on Monday, Chalmers said, "The direct impact on Australia would be relatively mild, but the broader impact on our major trading partners and on the global trading system might be more significant, and in that regard, that is a little more concerning to us," ABC News reported.

Chalmers also acknowledged that a lot was left to be done to ease inflation's burden among the people of the country. He said despite the government implementing a set of measures ranging from tax cuts to increased rent assistance, the inflation situation remained sticky.

"Australians are doing it really very tough, and they'd be doing it even tougher were it not for our cost of living help, the tax cuts, the wages policy, the energy rebates. We know people have got a lot of ground to make up. We know that they're under pressure."

The speech bore special weight given its status as the first-ever commentary on behalf of the Albanese government post-U.S. election results.

Trump's trade policies were expected to cause short-term pricing pressures and a slight decline in output in Australia, but Chalmers said the nation's independent central bank and flexible currency rate will help lessen these effects.

"The confidence comes from the progress that we've made, halving inflation, getting real wages moving again, creating a million jobs, giving everyone a tax cut," he said.

"The progress that we've made and that does give us an element of confidence, if not complacency — but when it comes to the world, I'm optimistic about the future. There is an element of political uncertainty coming out of the US but we've shown a capacity to navigate these sorts of pressures relatively successfully."

However, it is anticipated that the global impact would be far more dramatic, with rising tensions and even trade wars posing serious threats.

Meanwhile, Treasury Secretary Steven Kennedy cautions that Trump's proposed tariffs on Chinese imports might lead to poorer growth and higher inflation in Australia. He also cited "flow-on consequences" of 10% baseline duties, with up to 60% and 100% for China and Mexico, The Guardian reported.

The treasurer's comments came a day after Opposition leader Peter Dutton wondered if the country's economic situation was better or worse since the Labor Party took over.

"Peter Dutton can rip off slogans from 44 years ago, but he can't come up with any credible or costed economic policies, and that should be his focus," said Chalmers.