ASX slumps during Monday's trading on Steel and aluminium tariffs
The benchmark ASX 200 index slid 20.60 points or 0.24 per cent to 8,414.10.
The broader All Ordinaries also fell, down 22.80 or 0.26 per cent to 8,637.50.
The Australian dollar finished in the green and is now buying 64.68 US cents.
On an overall negative day for the market, eight of the 11 sectors dragged the index lower, with telecommunications, industrials and consumer staples being the rare bright spots.
All three major iron ore miners slipped, with BHP falling 1.23 per cent to $37.78, Rio Tinto slumping 1.70 per cent to $110.75 and Fortescue Metals retreating 2.53 per cent to $15.
It was a mixed day for the big four banks, with CBA rose 0.27 per cent to $176.42 to be the only major bank to trade higher.
Shares in Westpac slumped 1.17 per cent to $32.18, while NAB is down 0.68 per cent to $37.74 and ANZ finished in the red down 0.21 per cent to $28.98.
Despite the price of crude oil rising, petroleum companies Ampol fell 0.74 per cent to $25.34, Woodside slid 1.12 per cent to $22, and Santos slumped 1.52 per cent to $6.49.
During Monday's trading, US futures dived after US President Donald Trump said he would double the tariffs placed on steel and aluminium from Wednesday.
IG market analyst Tony Sycamore said the Australian market has performed 'reasonably well' despite a number of negative headlines impacting the ASX 200 including the latest tariff move by President Trump.
'We had a 25 to 50 per cent tariff added to steel and aluminium exports, which obviously was a hit to sentiment,' he said.
Mr Sycamore also pointed to President Trump's 'big beautiful bill', which would extend Trump's tax cuts from 2017 at the same time as lifting the debt ceiling, and increasing spending on border security and the military.
'We need to be mindful that revenues need to be raised given the fact Trump's bill is before the senate and he is going to want to pass that, so he will need to show revenue gains and that can only be done through the different avenues to raise tariffs,' he said.
He also pointed to military moves both in the Middle East and Ukraine-Russia conflict adding to global uncertainty.
In company news, shares in Brickworks and Washington H Soul Patts were the two biggest winners on the ASX.
Shares in Soul Patts leapt 16.44 per cent to $43 while Brickworks soared 27.59 per cent to $35.10 after the two businesses announced a $14bn merger.
BlueScope Steel also jumped 4.4 per cent to $23.75 on the back of Trump's tariff decision, with the market seeing it as a major winner as it makes half its money from operations within the US.
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