Mining billionaire and wagyu beef exporter Gina Rinehart said Donald Trump’s sweeping tariff agenda should be a wake-up call to Australia to slash taxes and business costs, but stopped short of criticising the US administration’s threat to include Australian meat in import restrictions.

The Albanese government and affected industries are bracing for a fresh round of Trump administration tariffs on $30 billion of exports to the US including beef and pharmaceuticals by April 2, unless an exemption is secured.