<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>US President Donald Trump has signalled he'll target Australia beef imports as he delivered his much-anticipated "Liberation Day" announcement on sweeping tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Australia bans — and they're wonderful people, and wonderful everything — but they ban American beef," he said on Wednesday (Thursday AEDT) in a news conference at the White House in Washington DC.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Yet we imported $US3 billion of Australian beef from them just last year alone.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/donald-trump-tariffs-anthony-albanese-doesnt-rule-out-australia-world-trade-organisation-case/0d6754b8-dca2-492f-a477-2bf8fb2cab22" rel="" target="_blank" title="PM doesn't rule out taking US to World Trade Organisation over 'Liberation Day' tariffs"><strong><span>PM doesn't rule out taking US to World Trade Organisation over 'Liberation Day' tariffs</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"They won't take any of our beef.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"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."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia will be subject to a "baseline" 10 per cent tariff on all exports to the US. Other countries, such as China, face much higher tariffs.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/donald-trump-liberation-day-tariffs-update-australian-beef-exports-singled-out/ede43fa9-35ca-488b-b465-f93c25a1f879" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>During his announcement, Trump held up a chart showing the tariffs that will imposed on individual countries and trading blocs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES: </span></strong><a href="https://www.9news.com.au/world/donald-trump-tariffs-live-updates-liberation-day-latest-politics-news-headlines/efe3d301-2104-4dd7-9ddf-808a8423e0dc"><strong><span>Tax on Australia spied as Trump board lifted away</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia was also not visible from behind the lectern as Trump held up a sandwich board with each nation named.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But taking the sign was US Commerce Secretary Howard Lutnick - where at the bottom of the chart it could be seen that the US would implement a 10 per cent reciprocal tariff on Australia. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump says his tariffs are about national security as much as economic prosperity.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He picked out medicine, tech, and ship manufacturing as being areas where the US was dependent on imports.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We have to go to foreign countries to treat our sick," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"In short, chronic trade deficits are no longer merely an economic problem, they're a national emergency that threatens our security and our very way of life. It's a very great threat to our country.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"And for these reasons, starting tomorrow, the United States will implement reciprocal tariffs on other nations."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h2><strong><span>Stocks fall after Trump announcement</span></strong></h2></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>US stocks tumbled in after-hours trading as President Donald Trump delivered remarks at the Rose Garden and unveiled sweeping tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Dow futures tumbled 256 points, or 0.61 per cent. S&amp;P 500 futures slid 1.69 per cent. Futures tied to the Nasdaq 100 fell 2.54 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Stocks had closed higher ahead of Trump's tariff announcement, but began to slide as Trump revealed his administration's plan for rolling out tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Exchange-traded funds that track the major stock indexes also tumbled in after-hours trading. An ETF tracking the Dow fell 1.1 per cent, while an ETF tracking the S&amp;P 500 slid 2.2 per cent and an ETF tracking the Nasdaq 100 slid 3 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Meanwhile, the most actively traded gold futures contract in New York briefly rose above US$3200 a troy ounce, a record high. Gold is up more than 20 per cent this year and just posted its best quarter since 1986. Gold is considered a safe haven amid economic and political uncertainty.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>-with CNN</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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