Sectors signal challenges ahead for region, beyond

Australia and New Zealand are bracing for the impact of the global tariffs rolled out by the Donald Trump administration on April 2, including a baseline levy of 10 percent on their exports to the United States, as the public and private sectors signal significant challenges ahead for the region and beyond.

"The Trump tariffs will significantly impact economies in Australia and the broader region," Wei Li, a senior lecturer in international business at the University of Sydney Business School, told China Daily.

"Australian key exports to the US, notably beef, gold, steel and aluminum, and pharmaceuticals, will become less competitive due to the new 10 percent tariff. In particular, in recent years, Australia's steel and aluminum industries have strategically developed niche segments specifically targeting the US, so these tariffs will directly undermine their market positioning and profitability."