Overview

• The Trump administration's 10% baseline tariff on all imports, along with higher duties on key trading partners, has officially taken effect.
• Australian Prime Minister Anthony Albanese condemned the tariffs as unfair and damaging to the U.S.-Australia alliance, labeling them 'not the act of a friend.'
• Australia has decided against imposing reciprocal tariffs, citing concerns over escalating prices for households and slower economic growth.
• The U.S. maintains a $17.9 billion goods trade surplus with Australia, which has unsuccessfully lobbied for exemptions from the tariffs.
• Trump criticized Australia's ban on U.S. fresh beef imports, which has been in place since 2003 over health concerns, while highlighting the U.S.'s substantial imports of Australian beef.