Chalmers said the developments around pharmaceuticals in particular were “very concerning”, but noted the US accounts for only 1 per cent of Australia’s copper exports.

Driving down demand could also force manufacturers to move overseas, where the costs of operations are cheaper.

US President Donald Trump has warned that pharmaceuticals and copper could be the next commodities to be hit with tariffs. Source: AP / Evan Vucci

For months, the US pharmaceutical industry has been pressuring Trump to add Australian and other Pharmaceutical Benefits Scheme (PBS) manufacturers to the tariff list, complaining it was “damaging pricing policies” and threatening billions in lost sales.

Prime Minister Anthony Albanese and other Labor frontbenchers, including Health Minister Mark Butler, have repeatedly vowed that the PBS “is not for sale”.

PM under further pressure to seek exemptions

So far, only the United Kingdom and Vietnam have secured deals with the Trump administration, although goods from the latter will still be subject to 20 per cent duties.

Nationals leader David Littleproud has urged Anthony Albanese to fly to the United States to secure tariff exemptions for Australia. Source: AAP / MICK TSIKAS

The federal government has been consistent in its response, urging all tariffs to be dropped as it emphasises the Australia-US free trade agreement in place since 2005.