Australian shares closed with a $56.6 billion loss today, marking the largest drop in eight months. The slump followed major falls in global markets triggered by sweeping new tariffs announced by US President Donald Trump.
The S&P/ASX 200 Index dropped 2.4 per cent, or 191.9 points, ending the day at 7,667.8. Most sectors saw significant declines, with the exception of consumer essentials.
Energy stocks were hit the hardest, plunging nearly 8 per cent amid concerns over increased oil supply.
Trump’s tariffs on American imports shocked global investors and governments, prompting threats of retaliation and urgent calls for negotiation as industries scrambled and stock markets around the world tumbled.
While Australian exports to the US are now subject to a 10 per cent tariff, this is relatively low compared to other nations. However, only about 4 per cent of Australian exports go to the US, meaning the broader impact on trade is limited.
