Mr Trump on Wednesday imposed tariffs of 25 per cent on Australian steel and aluminium imports into the US, deflating hopes of a carve-out after a positive call between the US leader and Prime Minister Anthony Albanese in February.
The president has also flagged the prospect of further tariffs to protect the US agricultural base, raising alarm among Australian farmers, especially in the nation's $17 billion red meat sector.
Lowy Institute Fellow Jenny Gordon said several US-exposed Australian industries beyond agriculture, such as pharmaceuticals, were at risk of Trump administration tariffs.
"Vaccines feature quite heavily in that," Dr Gordon said.
"Things like the PBS (Pharmaceutical Benefits Scheme) will come in for scrutiny with an overall tariff threat to change our drug bargaining arrangements."
The comments come as the federal government reportedly braces for the possibility the sector will be hit with US tariffs in April.Â
Australia exports about $1 billion of pharmaceuticals to the US each year, according to industry estimates.
The nation's health and life sciences industry, including pharmaceuticals, is worth about $5.6 billion annually and is one of the nation's largest export sectors, employing about 260,000 people.
Dr Gordon said a factor weighing against US tariffs on Australian "specialised products" such as drugs was that it could be hard for "US producers to start to ramp up production and replace them quickly".
"It just becomes an issue of can the US producers ramp up to produce this stuff," she said.
University of Technology economist Tim Harcourt said Mr Trump was looking at "bringing American jobs back" - making high-profile, blue-collar industries the focus of his administration's tariffs.
"It's sectors where Trump got a lot of support in his elections," Professor Harcourt said, pointing to industries such as manufacturing and agriculture.
In his view, Australia was unlikely to be hit with more tariffs this year, with Europe and Asia more probable targets.
Australia has ruled out retaliatory tariffs against the US but Mr Albanese says there will be funding for a "buy Australian" campaign in the federal budget on March 25.
Education Minister Jason Clare likened the tariff decision to "poking one of your best mates in the eye".
"You don't do this to one of your best mates ... By the same token, if we were to jack up tariffs on American imports, it would be like poking ourselves in the other eye," he said.
"It would just mean that the things Australians buy would cost more."
Mr Clare said Australia should find other markets for the products hit by the tariffs while working with the US to have them removed.
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