The Albanese government has no plans to elevate copper to its critical minerals list in response to 50 per cent tariffs on the metal imposed by Donald Trump, and Glencore’s warning that its refinery and smelter in Queensland could fold.

The US is Australia’s biggest export market for pharmaceuticals. If the tariffs go ahead, manufacturing could suffer.

The U.S. president, whose global wave of tariffs has upended businesses and policymaking, said the European Union will receive a letter "today or tomorrow". Both Nasdaq futures and S&P 500 futures fell about 0.4%. EUROSTOXX 50 futures dropped 0.6%. The euro slipped 0.3% to $1.1668, while the dollar gained 0.4% to C$1.3704.

Australia’s total beef exports to the US rose significantly in June in the face of President Donald Trump’s new tariff regime, which saw the American leader specifically single out Canberra for refusing to accept adequate red meat imports.

The US is set to impose a 50 per cent tariff on copper imports as early as late July, which could shake global supply chains but presents potential opportunities for Australia.

Secretary of State Marco Rubio met counterparts in Southeast Asia during his first visit to the region since taking office.

Australian goods may not be getting slugged with higher US tariffs, but that does not mean the country is getting the best deal possible, the opposition says.

Australia will likely still be subjected to the 10% tariff rate on all exports to U.S. but the government will continue to try and negotiate for an exemption, Australian Prime Minister Anthony Albanese said on Friday.