Australia’s almond, wine, and beef producers could be unlikely winners from aggressive US tariffs, thanks to advantageous trade deals with major export partners underpinning demand for the country’s cheaper commodities.

US President Donald Trump has threatened hefty levies on all imports from America’s two largest trading partners, Canada and Mexico, tariffs on Chinese goods and is also targeting the European Union and Russia. This week he raised tariffs on steel and aluminium imports “without exceptions or exemptions”.