The Australian share market tanked at Thursday's open, with traders facing a wave of volatility as global markets reacted to President Donald Trump’s sweeping tariff announcements.
By 10:05 am AEDT (11:05 pm GMT), the ASX 200 had shed 104.7 points or 1.3% to fresh two-week lows of 7,829.8.
Trump announced steep tariffs, including 34% on China, 20% on the European Union, and 24% on Japan.
Tariffs for Australia and New Zealand were set at 10% according to the White House's tariff chart. Australia’s beef industry was specifically mentioned as a target.
U.S. futures turned sharply lower following the announcement, with Nasdaq futures dropping more than 1.5% as major tech stocks tumbled in after-hours trading.
Domestically, investors will focus on the Reserve Bank of Australia’s semi-annual Financial Stability Review, set for release at 11:30 am AEDT, alongside February job vacancies and trade balance data.
On the bond markets, 10-year and 2-year rates fell 0.9% and 2.3% respectively to 4.329% and 3.602%.
