Don't feel bad. Tariffs, protectionism and free trade are just not things the Australian Parliament has fought about in earnest for decades now.

Trump’s rollercoaster diplomacy has left investors wary. How will Trump’s decisions affect the local sharemarket and where is the Australian dollar headed?

Australia has imported more from the US than it has exported, in a relationship that generates America’s fourth-largest surplus with its trade partners.

There are fears US tariffs could lead to increased competition in key markets for Australian commodities and dampen demand in our biggest markets.

Australia has rare earth metals crucial to high-tech manufacturing that will become more important for the US to get as it enters a trade war with China.

Dr Shane Oliver, Head of Investment Strategy & Chief Economist at AMP, discusses Trump's tariffs. Key points US President Trump has announced tariffs on Canada, Mexico and China and is threatening more tariffs.

Australian Trade Minister Don Farrell is seeking talks with America “as soon as is humanly possible” with a plan to be “cool, calm and collected”.

Prime Minister Anthony Albanese has been warned Australia may be unable to again escape crushing tariffs on Australian exports.

The re-elected US president wasted little time fulfilling an election promise to impose punitive import taxes - and used executive orders to go harder than he did the last time he was in the job.

Canada and Mexico are writing the playbook in real time on how to navigate Donald Trump’s trade war. And Canada’s response, including a stepped tariff threat as well as giving Trump a “win”, will be one that is most studied by Canberra.

No deal has yet materialised with China, the third country that Mr Trump had pledged to impose levies on, but Capital.com analyst Kyle Rodda said there was now growing confidence