The head of Australia’s Central Bank stated that a U.S. proposal to slap hefty tariffs on imports of steel and aluminium was “highly regrettable” and reprisals from other countries would be damaging.

U.S. President Donald Trump’s tariff announcement last week met with warnings of retaliation from the rest of the world and spooked investors globally.

Those concerns were reflected in global financial markets with investors dumping equities for the safety of gold, cash, the Japanese yen and Swiss francs recently.

Reserve Bank of Australia (RBA) Governor Philip Lowe, at a business forum in Sydney, said the best response to the U.S. tariffs was for other economies to adopt a wait-and-see approach.

Australian Prime Minister, Malcolm Turnbull weighing in at the same event, said the U.S. will stand to gain “literally nothing” by imposing a tariff on Australian steel exports.

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