The United States has also criticised laws banning children under 16 from social media, Australia's pharmaceutical benefits scheme, and the government's rules around meat imports and news operations.
The annual trade estimate report outlines what the US sees as "significant trade barriers" - issues which may be used to justify higher tariffs on certain countries.
The Trump administration is particularly concerned about laws which were passed in November 2025, forcing big streaming services to invest in producing locally made shows including drama, children's, documentary, arts and educational programs.
"US industry has expressed concern that the measure employs a narrow, outdated definition of Australian content and will distort important investment and production decisions," the report says.
"The United States has raised serious concerns regarding this issue and continues to monitor it."
On Australia's pharmaceutical benefits scheme, which subsidises crucial medicines to make them more affordable, the report accuses the government of using "low and outdated" thresholds when it values new drugs.
"US industry stakeholders report that Australia significantly undervalues American innovation through unfair drug pricing practices," it said.
"(This leads) to artificially low prices for innovative therapies."
The government has long said it will not use the PBS as a bargaining chip against further American tariffs, arguing the program was an important part of Australian healthcare policy.
The report raises a number of complaints about Australia's biosecurity measures for pork, poultry, apples and pears, which are designed to prevent pests entering Australia.
It says the Trump administration is monitoring Australia's world-first age restrictions on social media to ensure American companies are not unfairly targeted by the rules.
The news media bargaining code, which requires some social media companies to pay news companies for their content, was also being monitored, the report said.
Australian products are subject to a 10 per cent import tax when they enter the US, imposed by Mr Trump in 2025 as part of his "liberation day" tariff blitz which up-ended the global trade system.
Trade Minister Don Farrell's office has been contacted for comment.
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