Australian Shares Slide Ahead of US Tariffs
On Wednesday, the S&P/ASX 200 Index experienced a 2% decline, settling at approximately 7,360. This downturn erased the previous session's gains, influenced by Wall Street's negative momentum following the announcement that US President Donald Trump's new tariffs would take effect later in the day. Australia's exposure to these tariffs includes a minimum 10% levy, with an emphasis on inhibiting Australian beef exports due to ongoing limitations on US beef entering the Australian market. Concurrently, Trump has confirmed the imposition of a 104% tariff on China, marking an intensification in the trade conflict between the two leading global economies. The mining and energy sectors bore the brunt of these developments amid declining commodity prices, with significant losses recorded by BHP Group (down 3.8%), Fortescue (down 3.4%), and Woodside Energy (down 3.2%). Financial and consumer sectors were also adversely affected, impacting Macquarie Group (down 2.9%) and Wesfarmers (down 2.4%).
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