Australia is facing a minimum 10 per cent tariff and is expected to keep exporting a range of goods, especially those that are hard to replace. Tariffs are likely to disrupt global supply chains and reduce confidence, leading to less spending, particularly investment.

Australia is “urgently seeking” more detail on President Donald Trump’s threat to impose 200% tariffs on pharmaceutical imports to the US, Treasurer Jim Chalmers said.

Many economists already believe it’s a matter of time before Americans start to see sticker shock from the tariffs President Donald Trump has enacted. That timeline could speed up even more if Trump follows through with his latest package of tariff threats slated to take effect in three weeks.