Trump's 'Liberation Day' announcement in the Rose Garden
US President Donald Trump has announced sweeping new tariffs during a "Liberation Day" event in the Rose Garden at the White House.
The reciprocal tariffs target dozens of nations, including Australia.
A "baseline tariff" of 10 per cent will be imposed on Australia at midnight US local time.
Trump outlines his plans to roll out tariffs on global trading partners.
The tariffs are the centerpiece of his effort to bring back manufacturing to the US and reshape a world trade system he has long decried as unfair.
Trump signs an executive order for the tariffs in front of a huge crowd in the Rose Garden.
The president holds the signed executive order up for photographers.
Donald Trump holds up a tariff board with Australia listed on it.
Trump singled out Australia's main export to the US, beef. He said it was unfair of Australia to ban imports of American beef while exporting $US3 billion ($4.7 billion) worth of beef products to the US last year.
Trump said he anticipated receiving a flood of phone calls from world leaders seeking to negotiate. He called on them to remove their tariffs and non-tariff trade barriers.
Retired autoworker Brian Pannebecker speaks as President Donald Trump listens.
Trump tosses a hat into the audience.
Prime Minister Anthony Albanese has sought to play down the potential impact of the tariffs on Australia.
He said the US accounts for less than five per cent of Australia's exports.
"Many other countries will be hit much harder by today's decision than Australia," he said.
"There's an argument, actually, about the comparative impact of these - this decision made by President Trump, that puts us in a position where I think no nation is better prepared than Australia for what has occurred today."
Albanese poured further scorn of the idea of tariffs, by saying they were at the level of Year 7 economics.
"There is a debate - that frankly, I thought had gone away - from my year seven economics class at school," he said.
He said tariffs only hurt the citizens of the country that imposed them, which is why Australia had decided to not resort to that.
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