It's been more than six months since the Trump administration's so-called Liberation Day tariffs were unveiled to the world.

Australia was hit with a 10 per cent levy by the White House, the lowest of all countries targeted.

While Donald Trump has threatened more tariffs on pharmaceuticals and the film industry, a new report from EY has found Australia may actually benefit from the ongoing global trade war.

• Guest: Cherelle Murphy, Regional Chief Economist for Oceania at EY Australia
• Producer: Grace Stranger