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.

U.S. and European stock futures slid in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, snuffing out an early rally in regional share markets.

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.

Donald Trump has threatened “any country” aligning themselves with "anti-American" policies will be met with further geopolitical economic strain, and also confirmed "tariff letters" are to be sent imminently.

Australian goods may not be getting slugged with higher US tariffs, but that does not mean the country is getting the best deal possible, the opposition says.

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.