Australian Prime Minister Anthony Albanese said on Thursday the decision by U.S. President Donald Trump to impose a 10% tariff on its ally was "not the act of a friend," but ruled out reciprocal tariffs against the United States.

Economists say the "direct" impact of US President Donald Trump's new tariff regime on Australia's economy will be small, but the "indirect" impact could be a problem for Australia, depending on how the tariffs disrupt trading patterns and damage global growth.

Australia has been hit with a tariff of at least 10% on all exports to the US, as Donald Trump announced his new sweeping global trade regime. Trump cited "trade barriers" such as Australia's biosecurity laws - singling out a ban on the import of US beef - as the reason for what he called a "reciprocal tariff".