Many countries are feeling the effects from Trump's proposed tariffs on Chinese imports. Those include Australia, which actually is exempt from the new duties. Trump warned the move could be the first of many. Greg Navarro has more from Sydney.

GREG NAVARRO SYDNEY "Here in Australia there has been a sense of relief that the country was one of the nations spared from US President Donald Trump's initial desire to impose tariffs on steel and aluminum imports. Prime Minister Malcolm Turnbull had been lobbying extensively to make the list of exempted countries. And within the last week, Turnbull has toured a couple of Australian steel companies where he's praised their contribution to the country's economy. Now it's a case of waiting to see what fallout, if any, will come from Trump's latest move. The Australian Stock Exchange took a hit here this morning as well as the Australian dollar, following the sharp decline on Wall St. There are still concerns from economists about the possibility of a trade war between the US and China, and how it will impact Australia. Many experts believe that a trade war between the two countries would put Australia in a difficult position - stuck between its biggest security ally in the US and its biggest trading partner in China. And just last week, the head of the Reserve Bank of Australia warned that a 'retaliation and counter-retaliation' scenario could turn into a big shock for the global economy. Greg Navarro, CGTN, Sydney."