Australian exports to the United States will be hit with a 10 per cent tariff, with President Donald Trump singling out Australia’s ban on US beef as a major sticking point, as he unveiled a sweeping “liberation day” strike against global trading partners to come into effect within hours.

Prime Minister Anthony Albanese immediately announced the government’s response, which includes strengthening the anti-dumping regime, $50 million in funding for industry groups to find new customers, establishing a $1 billion interest-free loans scheme for firms to expand into new export markets, prioritising Australian firms for government procurement and creating a critical minerals strategic reserve.