The US is Australia’s biggest export market for pharmaceuticals. If the tariffs go ahead, manufacturing could suffer.

Australia’s total beef exports to the US rose significantly in June in the face of President Donald Trump’s new tariff regime, which saw the American leader specifically single out Canberra for refusing to accept adequate red meat imports.

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.