Australia's Prime Minister Anthony Albanese said he told U.S. president-elect Donald Trump in a phone call the United States has a trade surplus with Australia and it was in Washington's interest to "trade fairly" with its ally.

Some executives have warned that price hikes are on the way if President-elect Donald Trump's tariff plans go into effect. On the campaign trail, Trump proposed a 60% tariff on goods imported from China coupled with a 10% to 20% tariff on goods imported from other countries.

On the campaign trail, Trump proposed a 60% tariff on goods imported from China coupled with a 10% to 20% tariff on goods imported from other countries. While the president-elect could choose not to enact tariffs at that scale once he assumes office,