The Australian sharemarket experienced a significant downturn, wiping out $30.9 billion in value by lunchtime following the announcement of new tariffs by US President Donald Trump. The S&P/ASX 200 index dropped 1.3 percent, or 99.8 points, to 7834.7, with technology and property stocks particularly affected, losing over 2 percent. The negative sentiment was further fueled by Trump singling out Australia’s beef industry for punitive measures, heightening fears of a global recession and driving increased bets on an interest rate cut by the Reserve Bank of Australia.
Equities across Asia also tumbled, with the Nikkei falling more than 3 percent. US futures contracts initially rallied but quickly reversed course after Trump’s tariff announcement. The technology sector on the ASX was heavily impacted, with WiseTech sinking 2.9 percent, and financials also shed value. Ansell, a medical equipment manufacturer with significant exports to the US, posted the largest loss on the index, dropping 12.1 percent. Cettire plummeted 12 percent, warning investors of forced price increases in the US market due to new tariffs on European-made goods. However, BlueScope Steel added 0.6 percent after being upgraded by Jarden Securities.
