Wealth advisers say expat Australians will not be able to afford to live in the US if Donald Trump doubles their taxes because of the Albanese government’s new digital platform levy, as the tech lobby urges Labor to work more closely with the industry.

The Australian Financial Review reported on Thursday that almost 90,000 expats living in the US and thousands of Australian companies that operate there could have their tax rates doubled as part of Mr Trump’s “America first” trade policy unless the Albanese government junks its policy to impose a new levy on social media companies.