U.S. President Donald Trump agreed to consider exempting Australia from his steel and aluminium tariffs in view of the country's trade surplus with the United States, following a phone call with Prime Minister Anthony Albanese.

President Donald Trump says he will also impose "reciprocal tariffs" on any countries who place tariffs on the US.

With India’s steel industry already facing global competition, higher US tariffs could lead to a slowdown in exports as well as increased production costs, according to the Financial Times.