From publicaccountant.com.au: US President Donald Trump’s newly imposed tariffs on imports from Canada and other nations create a volatile trading environment that could negatively impact Australian small businesses through higher costs and disrupted supply chains.

These tariffs could lead to retaliatory actions from other countries, further complicating global trade dynamics.

Conversely, some Australian businesses might benefit from reduced competition in the US market due to higher tariffs on Canadian and Mexican goods.