US tariffs live updates: Donald Trump singles out Australian industry and announces huge ban in Liberation Day address

Donald Trump took aim at the Australia’s ban on fresh beef imports in his Liberation Day address.

‘Australia bans — and they’re wonderful people, and wonderful everything — but they ban American beef,’ he said.

‘Yet we imported $US3 billion of Australian beef from them just last year alone.

‘They won’t take any of our beef.

‘They don’t want it because they don’t want it to affect their farmers and you know, I don’t blame them but we’re doing the same thing right now starting at midnight tonight, I would say.’

Donald Trump will reveal the new tariffs on Thursday morning in what is known as Liberation Day.

A White House spokesman has warned the tariffs will take effect immediately.

The tariffs are expected to cover all countries and match the tariffs other nations have enforced on US imports.

Trump will make the announcement at 4pm on Wednesday (US eastern time) – which will be 7am on Thursday for Australia.

Finance guru Mark Bouris has issued a stark warning that a US recession would have a butterfly effect on Australia’s economy.

The warning comes as economists hold their breath in anticipation of Donald Trump’s new tariffs on Australian agricultural and pharmaceutical exports.

The businessman said that the impact could be ‘messy’, not only for the US but for global trading partners like Australia.

Australian consumers could end up paying more than $50 a kilo for steak at the supermarket as a result of Donald Trump’s tariffs on agriculture exports, farmers say.

A kilogram of rump steak at Woolworths is now selling for $28.

But the Australian Food Sovereignty Alliance, representing 350 small-scale farmers, fears rump steak will end of costing Australian consumers $56 at the supermarket.

Anthony Albanese was spotted dining with golfing legend Greg Norman ahead of Donald Trump announcing his new global tariffs.

Norman is a close friend of Trump and Mr Albanese is understood to have sought out the meeting.

Mr Albanese shared a selfie of the pair to his Instagram account on Wednesday night.

‘Great to catch up with Greg Norman tonight in Melbourne,’ the caption read.

Many social media users were left unimpressed.

‘Greg! You’re better than that,’ one wrote.

Another added: ‘Yeah, nah. He supports Trump.’