This press conference is a segment of the “Make America Wealthy Again” event, and the specifics of Trump’s announcement on this supposed “Liberation Day” remain largely undisclosed.

How will Liberation Day affect Australia?

The Office of the US Trade Representative (USTR) has highlighted Australia as one of 21 nations they “particularly interested in” as Trump conducts a review of “unfair trade practices”.

As outlined in a comprehensive 377-page USTR document, the Trump administration has expressed concerns over various aspects of Australia’s trade relations with the US.

Key issues included Australia’s ban on importing uncooked American beef, pork and poultry, the new mandatory news bargaining code, and Australia’s pharmaceutical industry (specifically the Pharmaceutical Benefits Scheme).

“One is the news bargaining code, the second is pharmaceuticals and the third is biosecurity,” Albanese told media today.

“Those issues are not up for negotiation from the Australian government. We will defend Australia’s interests.”

But George Washington University Assistant Professor of Economics Steven Hamilton today predicted that the direct impact of Trump’s expected “Liberation Day” tariffs will not have a “huge” in Australia.

“I’m not actually that worried about the direct effect of the tariffs on Australia. It’s quite small,” he said.

“The thing that we worry about is … the broader fallout across the world … if a lot of countries do retaliate there’ll just be a chilling of global trade right? And that’s very bad for Australia.”