United States President Donald Trump has announced sweeping new global tariffs, in a move that could up-end the global trade system.
Australia has been hit with a baseline 10 per cent tariff on all imports to the US.
But dozens of countries are set to face far higher "reciprocal" tariffs of up to 49 per cent, in what Mr Trump called America's "declaration of independence".
Australia's top three export destinations — China, Japan and South Korea — have all been hit with much higher "reciprocal tariffs".
"Taxpayers have been ripped off for more than 50 years," Mr Trump said in remarks at the White House.
"But it is not going to happen anymore," he said.
Here's what the tariffs could mean for Australian exports.
Beef
Mr Trump singled out Australia's ban on the import of US beef in his speech, but has not placed a ban on the product.
Beef will be subject to the same 10 per cent tariff as other Australian goods.
Australia imposed the ban on US beef in 2003 over concerns about mad cow disease.
"They're wonderful people, and they have wonderful everything — but they ban American beef. Yet we imported $3 billion of Australian beef from them just last year alone," Mr Trump said.
Australia exports $A3.3 billion of meat to the US.
Australian lean beef is added to fatty American meat to make hamburgers.
Simon Stahl, CEO with the Northern Meat Cooperative, said the industry would feel the sting.
"It's our largest market at present, and we'll continue to be for some time," he told ABC News Breakfast.
"The US herd are at probably 70-year lows, so demand for Australian beef is at a record."
He said he would be looking to explore other markets, saying the EU was on the cards.
"The EU loves the beef and pay well for the beef. So huge opportunities," he said.
Cars
Mr Trump said he will impose a 25 per cent tariff on all foreign-made cars, which would come into effect at midnight on Thursday, US time.
A separate set of tariffs on auto imports announced last week will take effect starting on April 3.
Australia does not manufacture cars, but Susan Stone, Credit Union SA Chair of Economics, said the tariffs could make cars more expensive.
"The countries that we buy cars from, if the parts that they are sourcing go up due to these tariffs, it will flow on to the price of cars globally and therefore that may impact Australia," she said.
"On the other hand, we may end up benefiting from these countries who are looking for alternative markets … they may offer some deals to Australia to buy their cars in lieu of lost market share in the US."
Aluminium, steel and iron
Steel and aluminium are among the products that will be subject to 25 per cent tariffs.
Australia was already hit with a 25 per cent tariff on all steel and aluminium earlier in the year, which the government described as "unfriendly".
The prime minister's attempts to gain an exemption from the tariffs were rejected by Mr Trump.
The White House has accused Australia of dumping cheap, government-subsidised aluminium into the US in breach of an agreement reached during Mr Trump's first term, when Australia was exempted from similar tariffs.
Mr Albanese said steel and aluminium exports to the US represented less than 0.2 per cent of the total value of Australian exports, and neither product was in the top 10 Australian exports to the US.
Alcohol
The United States is the Australian wine industry's third-biggest export market after mainland China and the UK.
Australia exported $325 million of wine to the US in the 12 months to December 31, 2024, according to Wine Australia.
Treasury Wine Estates?expected the baseline tariff of 10 per cent on?all imports to have "minimal impact" on the industry.
Treasury's brands include ?Penfolds,? Wolf Blass,?Lindeman's?and?Pepperjack.
Although it is an Australian company, it has vineyards and winemaking facilities in wine regions including New Zealand, the US, France and Italy.
"TWE does not anticipate these measures will have a material impact on its business," the company said in a statement to the ASX.
It noted that its?Americas division contributed more than a third to group earnings?in the first half of the financial year, but said it was "well placed", because brands sold into the US mostly use wine produced there.
Pharmaceuticals
Australia exports about $1 billion of pharmaceuticals to the US each year, mostly blood products and vaccines.
One of Australia's biggest publicly-listed firms, CSL, which is one of the largest vaccine providers, is a major player in the space, manufacturing in Europe, Australia and in the US itself.
There were fears that pharmaceuticals would be targeted in the latest round of tariffs.
American medical giants wanted tariffs imposed as punishment for Australia's Pharmaceutical Benefits Scheme (PBS), which sees the government negotiate cheaper prices for medicines for Australians.
Mr Trump has also previously said the drug industry would face tariffs, and other levies could be applied in the future.
But, the same blanket 10 per cent tariffs will apply.
"Reciprocal tariffs do not apply to certain goods, including, pharmaceuticals," according to a White House fact sheet.
On Tuesday, Mr Albanese said pharmaceuticals, and biosecurity measures on the import of meat and fruit in particular, were not up for negotiation.
"Those issues are not up for negotiation from the Australian government," he said.
"We don't want our health system to be more American, we only want it to be more Australian."
Horticulture
Australia's horticulture industry will be subject to the baseline 10 per cent tariff on all exports, however the National Farmers Federation said the impact is likely to be limited given it is applied to all competitors.
Australian citrus, fruit and nuts are expected to be the hardest hit, but NFF's Horticultural Council chair Jolyon Burnett said exporters may now explore other options.
"I think everybody is going to be looking for alternative markets given the uncertainty and unpredictability surrounding the American market at this stage, but it remains an attractive market," he said.
The US government has previously indicated it would like to see Australia's biosecurity restrictions on importing US apples and pears relaxed, however Prime Minister Anthony Albanese said the government would not budge on biosecurity measures.
Seventy-five per cent of Australia's macadamias are exported, with 10 per cent of that going to the US.
The Australian Macadamia Society said it is waiting to see how higher tariffs placed on countries like South Africa, which supplies a large portion of the US macadamia market, could impact the Australian market.
Technology policies
There is still uncertainty on how big a motivator Australia's tech policies are for Donald Trump in imposing tariffs.
A key report earlier this week outlining America's trade grievances singled out Labor's recent proposal to impose a tax on large tech companies, such as Meta and Google, that refuse to pay Australian news outlets for their content.
The teen social media ban has not been addressed by the US as a trade issue, but Anthony Albanese pointed out Australia's commitment to its tech policies.
"We have no intention of repealing the world-leading legislation that we passed with overwhelming support that set the minimum age for social media at 16," he said.
"That policy is about what's best for Australian children and Australian parents."
Australia's response
Australia currently runs at a significant trade deficit with the US, but there are concerns on what Wednesday's announcement means for some key Australian manufacturers.
Prime Minister Anthony Albanese and Liberal Party leader Peter Dutton have both flagged their intention to "stand up" for Australia's economy if tariffs impact local producers.
The prime minister was quick to respond to the tariff announcement, saying the measures "have no basis in logic" and were not the actions of a friendly nation.
But he also emphasised that "no one has got a better deal" than Australia.
Mr Albanese confirmed he would not impose reciprocal tariffs on US goods, saying it would hurt the US people the most.
"This is why our government will not be seeking to impose reciprocal tariffs," he said.
"We will not join a race to the bottom that leads to higher prices and slower growth."
The prime minister was firm on his stance not to compromise on its biosecurity arrangements or pharmaceutical deals in exchange for reduced tariffs.
And he said the government would consider "dispute resolution" measures written into Australia's free trade agreement with the US.
Under that agreement, which has been in place since 2005, Australia has not placed tariffs on American products for a decade.
The ABC revealed on Wednesday that the Albanese government was preparing to take the US to the World Trade Organization to accuse it of breaching their trade agreement.
Mr Dutton agreed that tough biosecurity measures on meat coming into Australia should not be changed.
"They can't produce enough beef to satisfy domestic consumption which is why I say this is a negotiating position," he told 2GB Breakfast.
But he added that Australia should "negotiate hard".
"I think as we've seen with the president as before, it's a negotiating issue but in the end what we need to do is sit down with the administration and negotiate hard," he said.
"That has been the significant failing and we need to be strong and stand up for our country's interests."
