U-S President Donald Trump has signed an executive order imposing a baseline 10-per cent tariff on all foreign imports into the country -- including from Australia.

Some of the harshest duties include a 34-per cent tax for China and 20-per cent tariff for the European Union.

Anthony Albanese has ruled out retaliatory tariffs being put in place... but one option open to the Government is launching an appeal to the World Trade Organisation.

• GUEST: Shiro Armstrong, Professor of Economics at ANU
• PRODUCER: Joe Sullivan