Australian shares tumbled on Monday, as fears of a global trade war surged following the United States' decision to impose tariffs on China, Canada and Mexico.
The S&P/ASX200 closed down 152.9 points, or 1.8%, at 8,379.4.
All 11 ASX sectors finished in the red, with health care, consumer discretionary, and materials leading the losses.
In the consumer sector, Cettire saw its shares tumble 19% amid concerns about the tariffs' impact on its business. The company reassured investors, stating that only 7.5% of its U.S. sales were tied to products manufactured in Canada, Mexico, or China.
Aristocrat Leisure dropped 2%, Wesfarmers lost 1.9%, and Domino's Pizza shed 2.7%.
Fisher & Paykel Healthcare also warned of increased costs due to U.S. tariffs on Mexico, sending shares down 7.4%.
Major banks experienced significant declines, with Commonwealth Bank down 1.5%, ANZ losing 1.4%, while Westpac fell 1.7%.
The sell-off followed the announcement on Sunday that President Donald Trump had signed orders imposing 25% tariffs on goods from Canada and Mexico and 10% on China, raising concerns over the potential economic fallout.
These escalating trade tensions led to heightened uncertainty about inflation, central bank interest rate decisions, and future U.S. policy moves.
Iron ore futures in Singapore also dropped by 0.8%, with fears that the tariffs could hurt demand for Chinese steel.
Mining stocks felt the impact, with Rio Tinto falling 2.1%, BHP dipping 1.8%, Champion Iron shedding 4.5%, and Fortescue Metals dropping 4.4%.
Westgold also shed 12.4% after the company revised its full-year production guidance downward after slow progress in ramping up two major mining assets.
On the bond markets, 10-year and 2-year rates fell 1.6% and 1.7% to 4.385% and 3.776%, respectively.
