The American government does theoretically have this power, but it's not like any major player is refusing to do business with Americans yet because the downside to that is massive. It's possible it could come to that eventually.
Australia is a target for retribution here because the policy is newer and they're a smaller player.
Saying "it is unfair I can't get away with crime too" is not a defense. And many in fact /are/ already refusing to do so. Witness many privacy laws which explicitly bar storage of citizen data in US jurisdictions - granted some have cynical "so they can access it" motivations. It was why Microsoft of all corporations, one which has been enough of a toady to be caught with NSA in variable names sued hard to demand warrant protection.
Australia is a target for retribution here because the policy is newer and they're a smaller player.