From www.aicd.com.au: US President Donald Trump announced a series of tariffs on imports from Canada, China, and Mexico, with a 25% tariff on shipments from Canada and Mexico and a 10% tariff on Chinese imports, although the implementation for Canada and Mexico was temporarily delayed.

The proposed tariffs could raise the average US tariff on imports significantly, with potential negative effects on economic growth and inflation, particularly for the US, Canada, and Mexico.

The Australian economy is expected to experience limited immediate impact; however, a significant disruption in trade with China could adversely affect Australian exports due to China’s critical role in its trade relations.