Treasurer Jim Chalmers has sought to calm jittery businesses and investors after incoming president Donald Trump fired the first shot in his trade war and vowed to impose big tariffs on China, Canada and Mexico, shaking global markets.

Trade experts warned Trump’s promise heightened the risk that Australian goods could be caught up in across-the-board tariff increases, as local shares retreated from this week’s record and the Australian dollar fell to a four-month low.