The funny thing is we just signed yet another trade agreement that includes China
We alone probably can't do a lot on Chinese imports but a bloc of countries could put some dent.
There is the nuclear option with iron ore but this is really the only card we have and you need to play it right and there would also be a price to pay for it.
If the government would compensate our exporters I would be OK with this but it relies on them buckling because they can't source enough elsewhere. It is a lot of ****en money for Aussie economy.
I would fully expect that the US knows this too and would leverage it if and when the time comes.