Aussie shares fall as Trump imposes sweeping tariffs
Near noon on Friday, the benchmark S&P/ASX200 index had fallen 72 points, or 0.81 per cent, to 8,672.4, while the broader All Ordinaries had dropped 70.6 points, or 0.78 per cent, to 8,928.4.
In Washington, the White House said tariffs on Australian exports would remain at the baseline rate of 10 per cent while imposing higher levies on more than 60 other countries including New Zealand, Fiji, Papua New Guinea and Canada. Mexico was granted a 90-day tariff reprieve.
Moomoo dealing manager Paco Chow said that the imposition of higher tariffs and more economic uncertainty worldwide was reigniting investor fear, with most markets and asset classes showing declines.
Traders were also awaiting the release of monthly US jobs figures known as the non-farm payroll report that will be released late on Friday, Australia time, and could influence whether the Federal Reserve cuts rates in September.
"Urgent tariff fears are compounding with worries we'll see fewer-than-expected US rate cuts and some US companies showing softer earnings," Mr Chow said.
The Australian dollar had fallen to a two-month low against its strengthening US counterpart, buying 64.31 US cents, from 64.73 US cents on Thursday.
At midday, nine of the ASX's 11 sectors were lower, with materials and utilities higher.
The technology sector was the biggest mover, dropping 1.4 per cent as Xero subtracted 1.9 per cent and WiseTech Global retreated 2.1 per cent.
In health care, ResMed was up 2.9 per cent to $43.70 after the medical devicemaker posted better-than-expected fourth-quarter earnings.
Also, 4D Medical had soared 29.8 per cent after medical imaging giant Pro Medicus invested $10 million into its respiratory imaging peer.
In the heavyweight mining sector, Syrah Resources had plunged 23.9 per cent to 27.5 cents after completing a $42 million capital raising at 26 cents a share.
The iron ore giants were all higher, however, with BHP rising 1.0 per cent and Rio Tinto and Fortescue both advancing 1.2 per cent.
In the financial sector, three of the big four banks were lower.
CBA and NAB had both dropped 1.6 per cent and Westpac had retreated 1.4 per cent.
ANZ was the outlier, edging 0.1 per cent higher.
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