The Trump administration's tariffs have taken effect worldwide, with Australia remaining at a 10 per cent rate
Some countries have been able to strike a deal, such as the United Kingdom and the European Union bloc, however Australia has been unable to do so.
Various Australian goods have been exempted, but the White House has hinted that could change.
Posting on Truth Social, President Trump said that "billions of dollars" were now "flowing" into the United States, and confirmed separately that he had imposed additional tariffs on India due to the country's imports of Russian oil.
He wrote, "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA. THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!"
He then posted: 'IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!'
Australian Trade Minister Don Farrell has said previously that Australia will continue arguing for tariffs to be dropped to zero.
'America still has a significant advantage in terms of our trading relationship,' he said.
He also revealed in an interview with the Australian Financial Review last Saturday that he had invited US trade representative Howard Lutnick to visit Australia for further discussions.
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