Australian Shares on the Fall After Trump's Tariff Announcement

Thu 03 Apr 25, 01:56 AM | Team Kalkine

Image source: Shutterstock

Highlights

Australian shares plunged by 2% on Thursday, driven by investor fears following U.S. President Donald Trump's announcement of sweeping tariffs on all imports. The S&P/ASX 200 index (.AXJO) dropped as much as 2.1%, reaching 7,768 points, marking its largest intraday loss since December 19, 2024.

Trump's tariff plan, which includes a 10% baseline tariff on all imports and higher reciprocal duties on several countries, has sparked concerns of escalating global trade tensions. In response, several key sectors on the Australian market faced significant losses. Bank stocks were among the hardest hit, with the financial sector (.AXFJ) dropping 2.3%. Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank (ASX:NAB) saw declines of 1.6% and 2.5%, respectively. Australia's fourth-largest lender, ANZ Group (ASX:ANZ), dropped 3.2% following regulatory criticism over operational issues.

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