Updated

Trump tariffs hit ASX as Australian businesses assess costly fallout

Michael Smith, Simon Evans and Mark Wembridge

Updated Feb 3, 2025 – 4.10pm, first published at 11.56am

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Dozens of major Australian companies will face higher costs and lower sales after the outbreak of a debilitating trade war between the United States and its closest partners, with exporters scrambling to evaluate the hit to their businesses from Donald Trump’s sweeping new tariffs.

Billions of dollars in pharmaceutical and manufacturing exports could be caught up if the US president expands trade restrictions to Australia, with executives urging the Albanese government to seek exemptions in their discussions with American officials.

Michael Smith is the health editor for The Australian Financial Review. He is based in Sydney.

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.

Mark Wembridge covers resource companies for The Australian Financial Review, based in Perth. He formerly worked for the Financial Times in London and Hong Kong.