The Ministry of Commerce announced a 15 per cent tariff on coal and liquified natural gas (LNG) products and a 10 per cent tariff on crude oil, agricultural machinery and large-displacement cars.

Earlier today Trump announced he would be pausing tariffs on Canada and Mexico after reaching a deal with those countries’ leaders.

But he did not pause the 10 per cent blanket tariff on China, which went into effect today.

The tariff takes in all imports from China, including the previously exempt shipments of less than $US800 ($1300).

Ending that exemption will hit online shoppers particularly hard because of how many packages are sent directly from China from companies like Shein or Temu.

The Australian sharemarket dropped sharply on the announcement after an otherwise positive day.

The Australian dollar also fell below 62 US cents after the tariffs were announced.

At the same time, China’s State Administration for Market Regulation announced it was investigating Google for anti-monopolistic behaviour.

Earlier this week, a spokesperson from China’s Foreign Ministry said there were no winners in a trade war.

“The US needs to view and solve its own fentanyl issue in an objective and rational way instead of threatening other countries with arbitrary tariff hikes,” the spokesperson said.

“China calls on the US to correct its wrongdoings, maintain the hard-won positive dynamics in the counternarcotics co-operation, and promote the steady, sound and sustainable development of China-US relationship.”

China’s targeted tariffs will have a significant impact on US imports.

The US imported $11 billion worth of crude oil to China in 2022.

More than a billion dollars of coal was sold to China from the US that year, and $4 billion worth of cars.

The tariffs may benefit Australian exporters.

In 2022, Australia exported $2 billion of crude petroleum to China and $22 billion of LNG.

Last year, China became Australia’s biggest customer of coal.