In a press briefing today, Trump mentioned that he plans to initially set a lower tariff rate, allowing companies one year to establish domestic manufacturing facilities before imposing higher import taxes.

He said this could come into effect “at the end of the month”.

Currently, Australian exports to the US face a 10 percent tariff, and Trump indicated this could increase to as much as 15 or 20 percent by August 1.

But now it appears pharmaceutical exports could come in for special attention.

Trump previously said tariffs on pharmaceuticals could climb as high as 200 per cent.

This would render Australian-made drugs far more expensive for US residents to purchase.

Pharmaceuticals rank as Australia’s second-leading export to the US, just behind beef, with an annual value exceeding $1.6 billion, according to the Observatory of Economic Complexity.

Treasurer Jim Chalmers acknowledged to ABC radio earlier this month that Australia’s pharmaceutical industry was “exposed” to any US tariffs.

Trump has said one of his tariff-related goals is to drive manufacturing back to the US.