FX.co ★ Australian Shares Slide Amid Trump Tariffs

On Thursday, the S&P/ASX 200 Index experienced a notable decline of 2%, dipping below the 7,800 mark, which marked a three-week low for the index. This downturn followed an announcement by US President Donald Trump, who revealed tariffs that exceeded earlier expectations, amplifying concerns about global economic stability. The tariffs included a 10% levy on Australian exports, a decision that Prime Minister Anthony Albanese criticized, describing it as “not the act of a friend.” Despite his strong words, Albanese dismissed the idea of imposing counter-tariffs on the United States. Concurrently, President Trump introduced an additional 34% tariff on Chinese goods, taking the total levies on Chinese imports to 54%. This move further complicated the economic prospects for China, which is Australia's largest trading partner. The repercussions were felt across various sectors, with major iron ore miners bearing the brunt; BHP Group decreased by 2.4%, Fortescue Metals dropped 2.9%, and Rio Tinto fell by 2.7%. The negative sentiment permeated the energy, financial, consumer, and technology sectors. However, gold stocks stood out against this backdrop, buoyed by rising bullion prices, with Northern Star Resources posting a gain of 1.5%.