US President Donald Trump will reveal the full scale and scope of his long-touted tariffs, when he speaks at the White House Rose Garden this morning.
Follow our live blog as we bring you the latest updates ABC News correspondents on the ground in Washington DC, the financial market fallout and reaction from Australian industry and political leaders.
Key Events
- 30m ago30 minutes agoWed 2 Apr 2025 at 5:24pm
- 59m ago59 minutes agoWed 2 Apr 2025 at 4:55pm
- 1h ago1 hours agoWed 2 Apr 2025 at 4:53pm
11m agoWed 2 Apr 2025 at 5:43pm
Today’s tariffs aren’t the first to be introduced by Donald Trump. A reminder of what he’s done so far:
- Trump placed a 10 per cent tariff on Chinese imports on February 4, and doubled it to 20 per cent a month later. (That was on top of existing tariffs of up to 25 per cent on Chinese import, implemented in Trump’s first term)
- Tariffs of 25 per cent on Canadian and Mexican imports took effect on March 4. But Trump later signed an order that exempted imports that were covered by a previous trade deal
- All steel and aluminium imports were subject to 25 per cent tariffs from March 12. Australia failed in its efforts to dodge this tariff – no country won an exemption, unlike in Trump’s first term.
- On April 3, local time, a 25 per cent tariff on imported cars will come into effect. Car parts will be subject to the same tariff on May 3.
22m agoWed 2 Apr 2025 at 5:31pm
Donald Trump has said no nation will be exempt from his tariffs, but that hasn’t stopped Australian officials from lobbying for an exemption.
ABC News Americas editor John Lyons says Australia is doing everything it can to try and strike a deal but there’s not much it can do except mitigate the pain.
Watch the interview with Kirsten Aiken on The Business here:
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30m agoWed 2 Apr 2025 at 5:24pm
On the eve of the tariffs, a small judicial election in Wisconsin has produced a terrible result for Donald Trump and Elon Musk.
Though neither were on the ballot, both men loomed large over Tuesday’s race for a seat on Wisconsin’s Supreme Court, and Musk’s sizeable donations helped make it the most expensive judicial election in US history. But their preferred candidate was soundly rejected.
Republicans did have two other victories, in a couple of previously safe congressional seats in Florida – but they were by no means overwhelming wins. Both seats were won by the Republicans by more than 30 per cent last year. Their successors won with vastly reduced margins.
While it is normal for ruling parties to face a certain level of backlash from voters in by-elections, the rapid collapse in the Republican vote so early in Trump’s term will be concerning for some in the party.
Read more here:
55m agoWed 2 Apr 2025 at 4:58pm
While Australia’s imports from the United States are worth more than what we export to it, there are still many sectors that would feel the pain of tariffs.
We export a lot of meat to the US, so the beef industry is on alert.
Other industries that have the US as a key customer include gold, pearls and other precious stones, and optical and medical goods.
Australia exported $US1.35 billion worth of pharmaceuticals to the US last year, mostly blood products and vaccines.
One of Australia’s biggest publicly-listed firms, CSL, is a major player in the space, manufacturing in Europe, Australia and the US itself.
Some sectors are already feeling extra costs from Trump’s America — for instance, Australian companies that manufacture goods in China and then send them on to the US are already subject to tariffs.
Economists have noted that the biggest threat to Australia is actually if China’s economy slows down as a result of US tariffs.
As our largest trading partner, the health of China’s economy is crucial to Australia’s outlook.
“Australia’s trade with the US is comparatively small overall and we do not see large direct macro impacts,” NAB analysts wrote.
“Instead, we expect impacts to be through more affected trading partners like China.”
Read more about our trading relationship:
59m agoWed 2 Apr 2025 at 4:55pm
While best laid plans tend to change frequently when it comes to Donald Trump’s White House, here’s what we know about the so-called ‘liberation day’ for the US economy:
- The president will make an announcement at 4pm US eastern time Wednesday afternoon — that’s 7am AEDT / 6am AEST this morning.
- A White House spokesperson has said the tariffs will take effect immediately after the announcement.
- Trump has indicated the tariffs could cover all countries and aim to match the tariffs other nations charge on US imports, as well as non-tariff barriers, but details of the size and scope remain unknown.
- The US has hiked tariffs on Chinese imports twice so far this year, in February and March.
- Some industries have already been hit by extra import charges, with steel and aluminium imports slugged with a 25 per cent tariff from mid-March.
- Mr Trump has already flagged a 25 per cent tariff on all cars made outside of the US.
1h agoWed 2 Apr 2025 at 4:53pm
That’s what US President Donald Trump has been calling today, as he prepares to reveal his long-awaited “reciprocal tariffs” here in Washington.
Good morning, and thanks for joining us for it, as we gear up to bring you all the news from Washington, the reaction around the world, and the response in Australia.
Trump’s spokeswoman, Karoline Leavitt, says today will be “one of the most important days in modern American history“, which suggests these tariffs could be big.
Trump says they’ll push the US into a new age of economic prosperity, by rebalancing trade agreements he feels are unfair, raising revenue, and encouraging manufacturers to bring factories and jobs back to the US.
But most economists are pessimistic, warning Americans to expect higher prices, lower productivity, and foreign retaliation that will damage American business. It could all lead to a recession, experts are warning.
Australia is bracing for the pain that comes with new trade barriers and global disruption, and maybe even for a fight at the World Trade Organization.
But the government’s also saying Australia can afford to relax a little more than other parts of the world. Less than 5 per cent of Aussie exports were bound for the US last year, much less than places like China (15pc), Japan (20pc) and Canada (76pc).
