US tariffs live updates: Donald Trump singles out Australian industry and announces huge ban in Liberation Day address

Australia will not escape the global rates announced by Trump on Thursday morning.

A table with mutual rates was released after the announcement showing that Vietnam and Cambodia would be the worst affected countries.

Australia will combine a rate of at least 10 percent on all its goods that have been exported to the US.

The Australia-US Free Trade Agreement, which was signed two decades ago, previously prevented rates from being applied to goods sent abroad.

Donald Trump focused on the prohibition of Australia on the import of new beef in his liberation day address.

“Australia prohibits – and they are great people, and great everything – but they forbid American beef,” he said.

'Yet last year we only imported $ 3 billion Australian beef last year.

“They don't take any of us beef.

“They don't want it because they don't want it to influence their farmers and you know, I don't blame them, but we're doing the same now at midnight tonight, I would say.”

Donald Trump will reveal the new rates on Thursday morning in what is known as Liberation Day.

A spokesperson for the White House has warned that the rates will take effect immediately.

The rates are expected to cover all countries and correspond to the rates that other countries have maintained on the entry of the US.

Trump will make the announcement at 4 p.m. on Wednesday (US Eastern Time) – which will be for Australia on Thursday 7 am.

Finance Guru Mark Bouris has given a grim warning that an American recession would have a butterfly effect on the Australian economy.

As economists, the warning enters their breath pending the new rates of Donald Trump for Australian agricultural and pharmaceutical exports.

The businessman said that the impact could be 'messy', not only for the US, but also for global trading partners such as Australia.

Australian consumers could ultimately pay more than $ 50 per kilo for steak at the supermarket as a result of Donald Trump's rates about the export of agriculture, say farmers.

A kilogram of steak at Woolworths now sells for $ 28.

But the Australian Food Sovereiny Alliance, who represents 350 small -scale farmers, fears that the steak of Australian consumers will cost $ 56 in the supermarket.

Anthony Albanese was seen dinner with golf legend Greg Norman before Donald Trump announced his new global rates.

Norman is a good friend of Trump and Mr. Albanese is supposed to have sought the meeting.

Albanian shared a selfie of the couple with his Instagram account on Wednesday evening.

“Great to catch up with Greg Norman tonight in Melbourne,” was the caption.

Many users of social media were not impressed.

'Greg! You are better than that, “they wrote.

Another added: 'Yes, no. He supports Trump. '