That's not really my take.

Economically we're much more dependent on our exports to China. Any hickup in that relationship hurts. We also export heaps of grain, livestock, and gas to a variety of destinations.

IDK what we export to the US, other than some beef and bauxite, but it's not much in the grand scheme. We were hit with the 10% Tariffs and our politicians were a bit "meh" about it. We didn't bother with retaliatory tariffs.

Politically we have had a close relationship with the US. Obviously their military assets are huge compared to ours. The US military bases in Australia aren't here for our protection, they're here because the US want's a place from which to project power in our region.

There's a trilateral security treaty called AUKUS between Australia, UK, and US. That's not all one way either - all three nations are making significant contributions for everyone's benefit. There's been some reporting on whether Trump will withdraw from this treaty - it would be disappointing but not a disaster. We're a pretty enough dance partner.