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I know that people are saying it could have a negative impact on Australia. Tariffs on Australia are not such a big deal and probably will not happen but the tariffs on China would negatively affect Australia as they are our biggest trading partner and a slow Chinese economy would mean less demand for our resources which means less money for us but also means that there is less demand for the Australian dollar which would reduce the value of our currency and thus cause import costs to rise.
But then the PM has also said their may be opportunity, he said that if Trump starts scrapping funding for Green energy programmes then Australia is well positioned to capitalise on it and pick up some of these green energy industries and investments here. But he did not specify what we would pick up exactly though to be fair Trump hasn't said what he will scrap in the first place either yet.
Hungary will also be negatively impacted by sanctions too though won't you? Given that you are part of the EU. Though we still don't fully know what sanctions will be placed on the EU. A slow China might not be good for you either.
There is also something else that could affect us both, that being Trumps plans to reduce corporate tax. If the US lowers tax rates even further than it already has that's going to put even more pressure on the rest of the world to do the same to stop business relocating to the US.