Some of America's most important trading partners have had their confidence shaken after President Donald Trump threatened a slew of increased tariffs over the weekend.
From August 1, goods from Brazil would be subject to a 50 per cent tariff - up from 10 per cent - while items from the European Union would be hit with a 30 per cent levy - up from the pre-announced 20 per cent rate.
But Australia is yet to receive notice of a new tariff rate, meaning most products sent to the US remain at the baseline 10 per cent.
"It will give us, in some sense, an unfair playing advantage," Monash University economics lecturer Isaac Gross told AAP.
Australia and Brazil are two of the biggest beef exporters to the US, so if the South American nation's exports have a higher tariff they will become more expensive for American consumers, which could push them towards Australian goods and increase trade.
Similarly, Australia competes with the European Union on wine exports to the US and an increased levy on alcohol from Italy or France could fuel American demand.
However, Australian exports will still be less competitive than homegrown US products, which are not subject to a tariff.
"The 10 per cent tariff will hurt us a little bit, but if the 50 per cent or the 30 per cent tariff on other companies hurts them even more, we may end up ahead," Dr Gross said.
But all this depends on whether the US president implements his tariffs in line with his announcements.
The EU continues to press for further tariff negotiations and it is unclear whether Australia will be spared a letter from the US president.
Mr Trump has also become increasingly fickle with his tariffs and has walked them back on multiple occasions when other nations have threatened retaliatory action after the markets' response.
This uncertainty has dragged on international trade with the US and could delay investment in the long term, Dr Gross said.
There has been no change to US tariffs on Australian goods, Treasurer Jim Chalmers said, and the government continues to engage with Mr Trump's administration.
"Every week brings new developments, new uncertainties, and over the weekend, we saw more of that," the treasurer told reporters in Canberra on Monday.
"We'll work our way through the consequences of these sorts of announcements, which come from time to time."
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