Most Australians will feel the effects of the tariffs through the indirect effects on US manufacturing and on America’s trading partners.

European steel buyers and some manufacturers could benefit from 50% U.S. tariffs on the metal, but the potential for the eye-watering duty rate has rocked the already struggling industry. U.S. steel prices are set to climb further as a result of the higher tariff rate expected to come into effect this week,

India estimates a "minor impact" from U.S. President Donald Trump's plan to increase tariffs on steel and aluminium products as the South Asian country exports low volumes to Washington, the federal steel minister said on Monday.