Markets sink over US tariffs and recession fears | The Business | ABC News

The US will place tariffs of at least 10 per cent on foreign imports from Saturday, including those from Australia, after President Donald Trump finally unveiled his long-awaited "liberation day" trade policy. Australia has avoided a higher "reciprocal" tariff rate, which is being placed on imports from specific countries deemed to have treated America poorly. Imports from China, for example, will be subject to tariffs of 34 per cent on top of existing tariffs. Malaysia (49pc), Cambodia (49pc), Vietnam (46pc), and Sri Lanka (44pc) are among Asian countries subject to higher-than-expected tariffs. Some of America's trading partners are preparing retaliatory measures, such as counter-tariffs. Prime Minister Anthony Albanese said the tariffs "have no basis in logic" and were "not the act of a friend", but Australia would not implement retaliatory counter-tariffs. Instead, Australia would prefer to work through a dispute settlement process in the nations' free trade agreement but hopes it doesn't come to that. More than $20 billion was wiped off the Australian share market as markets in Asia plunged.
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