Donald Trump is set to announce his new global tariffs on Thursday morning.
Australia is among the many countries expected to be caught up in the tariffs that are expected to be as high as 20 per cent.
Follow Daily Mail Australias live coverage.
Anthony Albanese dines with sports star - and why Aussies aren't happy
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! Youre better than that, one wrote.
Another added: Yeah, nah. He supports Trump.
Liberation Day - what to expect
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 issues recession warning
Finance guru Mark Bouris has issued a stark warning that a US recession would have a butterfly effect on Australias economy.
The warning comes as economists hold their breath in anticipation of Donald Trumps 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.
Why Aussie consumers could soon be paying DOUBLE
Australian consumers could end up paying more than $50 a kilo for steak at the supermarket as a result of Donald Trumps 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.
