India has rejected Australia's push for deeper tariff cuts on dairy and alcohol, hampering efforts to conclude the second phase of a trade pact by year-end, two Indian government sources said.

SYDNEY (Reuters) -Australia is “urgently seeking more detail” on U.S. President Donald Trump’s threat to raise tariffs up to 200% on pharmaceutical imports, Treasurer Jim Chalmers said on Wednesday.

President Donald Trump has slapped a 35 per cent tariff on imports from Canada in the latest wave of levies as Australia fears the same fate.

Australia's central bank is very focused on U.S. tariff developments, Deputy Governor Andrew Hauser said on Wednesday, adding that there is an enormous amount of uncertainty in the global economy. The Reserve Bank of Australia on Tuesday surprised markets by holding interest rates steady at 3.

Australia’s total beef exports to the US rose significantly in June in the face of President Donald Trump’s new tariff regime, which saw the American leader specifically single out Canberra for refusing to accept adequate red meat imports.

On April 2, 2025, US President Donald Trump unveiled sweeping new taxes—dubbed “Liberation Day” tariffs—targeting imports from nearly every country around the world. The move sent shockwaves through the global trade system and triggered a sharp downturn in international financial markets.

Australia stands to receive small but positive benefits from Donald Trump’s tariff war, however, a broader trade war would have “serious consequences”, a new report has found.

Australia will likely still be subjected to the 10% tariff rate on all exports to U.S. but the government will continue to try and negotiate for an exemption, Australian Prime Minister Anthony Albanese said on Friday.

A Labor frontbencher reassures "nothing has changed" for Australia after Donald Trump took to social media to unveil new tariffs. Follow live.