Australia has sought to boost trade to countries like India and the United Arab Emirates and sign a free trade agreement with the European Union in a diversification strategy to be fast-tracked amid the upheaval in global diplomatic and economic relations.

Wesley Widmaier, professor of international relations at Australian National University, said it was natural for countries facing tariffs to look for other export markets.

“Countries are looking to do something outside the US umbrella,” he said.

“Everyone is looking at diversifying, from the Europeans to the Canadians and the Australians.”

The Albanese government opted against retaliating with tariffs and instead announced five measures designed to find new markets and offer some protection to affected industries.

These are:

• Establishing a strategic reserve of critical minerals.

While the US only accounts for about 5% of Australian exports, it is the biggest destination for Australian beef exports, taking about 400,000 tonnes, worth $3.4bn, in 2024.

The National Farmers’ Federation president, David Jochinke, said while the sector was “profoundly disappointed” in the US decision, it would not support a response that included reciprocal tariffs.

“The Australian agricultural industry supports a considered and measured approach to negotiations with the United States and will work closely with the government and all sides of politics to seek a resolution to this issue,” Jochinke said.

There were some exemptions to the tariffs, although those sectors could still be caught by future policy announcements.