Donald Trump's next round of tariffs have come into effect this afternoon.
Australian exports to the US continue to face a 10 per cent tariff, while Chinese goods will now face levies of at least 104 per cent.
The US President claims the US treasury will collect $2 billion a day in extra revenue from the tariffs.
In this report broadcast on ABC's PM program, USSC chief executive Dr Michael Green comments on what President Trump is trying to achieve with the new tariffs.