Everyday items such as wine glasses, TVs, air conditioners and tyres may soon no longer be subject to pricey import tariffs, unlocking around $157 million in compliance costs.

Chalmers said it will save both businesses and Australian consumers a lot of cash.

“We’re doing this for a very simple reason – these nuisance tariffs often do more harm than good,” Chalmers told media today.

“Nuisance tariffs push up compliance costs, they push up input costs, they push up prices for consumers as well.

“This decision that we are announcing jointly today is all about making it easier for business and governments when it comes to these nuisance tariffs.”

Chalmers said large imports often collect only a “slither” of tariffs for the government.

He said products like wine glasses only raise under $28,000 per year in tariff revenue.

But the abolition could save businesses an annual $13 million in compliance costs.

Trump’s mammoth 50 per cent tariff also hit India this week in a trade war blow likened to an “earthquake”.

“While other nations are putting up trade barriers, we’re tearing them down,” Chalmers said.

The treasury will release a list of the proposed 500 items on the tariff abolition list.

It is set to be finalised by the federal budget in May next year.

”People will have until 10 December to provide feedback on the additional 500 that we are proposing to abolish and then between the end of that consultation period and the next budget, we will finalise the list,” Chalmers added.