Why a trade surplus could mean a steel tariff exemption for Australia from Donald Trump

US President Donald Trump has said he will consider an exemption for Australia to his planned 25 per cent tariffs on steel and aluminium imports. As the president ramps up his trade warfare with the rest of the world, he says Australia is a rare case because the US runs a trade surplus with it. Here’s what that means. What is a trade surplus? A trade surplus is when a country exports more than it imports, or sells more than it buys. This results in what is called a positive balance of trade. The term can be used to refer…