<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Donald Trump has threatened extraordinary new taxes on </span><a href="https://www.9news.com.au/national/donald-trump-tariffs-liberation-day-what-does-australia-export-to-the-united-states/6e482eb4-b1ec-4d95-abe0-9760b6259f16" rel="" target="" title="one of Australia's biggest exports to the US"><span>one of Australia's biggest exports to the US</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The US president said he was looking to announce 200 per cent tariffs on all imported pharmaceuticals.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If they have to bring the pharmaceuticals into the country ... they're going to be tariffed at a very, very high rate, like 200 per cent."</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-liberation-day-what-does-australia-export-to-the-united-states/6e482eb4-b1ec-4d95-abe0-9760b6259f16" rel="" target="" title="What do Australians buy from the US, and what do we sell to them?"><strong><span>What do Australians buy from the US, and what do we sell to them?</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We'll give them a certain period of time to get their act together."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The tariffs would make Australian-made vaccines and drugs far more expensive for Americans to buy.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Pharmaceuticals are Australia's second biggest export to the US, behind beef.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/donald-trump-pharmaceutical-tariffs-copper-import-taxes-us-politics-news/63d66e95-1a2d-470b-bd5f-d96f1a4c4133" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>According to the Observatory of Economic Complexity, vaccines, antisera, toxins and cultures are worth more than $1.6 billion each year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Much of this comes from one company, Melbourne-based CSL, which manufactures flu shots, among other pharmaceuticals.</span></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/mushroom-cook-murder-convictions-appealproof-expert/d94b8ef9-677c-40dd-9f06-258dbe83232d" rel="" target="" title="Mushroom cook murder convictions 'appeal-proof': expert"><strong><span>Mushroom cook murder convictions 'appeal-proof': expert</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Internationally, the pharmaceutical tariffs will hit Ireland and Germany the hardest.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump's tariff threat comes as he announced a new tariff on copper.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>While Australia is a major copper exporter, very little of it goes to the United States.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most of Australia's copper exports go to Japan, the Philippines, South Korea and India.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our exports of copper to the US are actually quite small," Treasurer Jim Chalmers told ABC Radio National.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our pharmaceuticals industry is much more exposed to the US market, and that's why we're urgently seeking some more detail on what's been announced."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Copper futures prices surged more than 10 per cent in the moments after Trump announced his new tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump's so-called Liberation Day tariffs were supposed to take effect today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But yesterday the president announced the implementation would be pushed back to August 1.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Chalmers decried Trump's tariff plan at a press conference yesterday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We've made it very clear that we think these tariffs are bad for the US, bad for Australia and bad for the global economy," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Wall Street ended the day mixed, with the S&amp;P 500 dropping slightly the day after a massive drop.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><h3><strong><span>What do we sell to America?</span></strong></h3></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia's exports are largely raw materials, measured by the tonne.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But the US is selling finished products, where single items cost thousands of dollars.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The most valuable Australian export is beef, either frozen or fresh.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia sold about $2.7 billion worth of beef to the US in 2023, much of it going to McDonald's.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Lamb and goat accounted for another $1.4 billion.</span><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia's second most valuable export to the US is vaccines and other pharmaceuticals.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Raw metals like aluminium, gold, nickel, lead and zinc are also big exports to the US.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Wine, wheat, therapeutic and orthopedic appliances, uranium and animal fats also get sold there.</span></div></div>