What's Affecting Markets Today
Asia-Pacific markets tumbled on Thursday following the announcement of sweeping new tariffs by U.S. President Donald Trump, targeting over 180 countries and territories. The White House released charts highlighting what it claims are effective tariff rates imposed on U.S. goods, including factors like currency manipulation and trade barriers.
The new tariffs include a 34% levy on China, raising the total rate to 54% when combined with existing duties. India, South Korea, and Australia face new tariffs of 26%, 25%, and 10% respectively.
Chris Kushlis, Chief Emerging Markets Macro Strategist at T. Rowe Price, noted that the tariff increases are larger than markets had anticipated and could significantly weigh on regional growth. With the U.S. accounting for about 15% of Asia’s exports, the higher tariffs are expected to hit open, trade-reliant economies hardest.
The Nikkei 225 fell 2.95%, the Topix lost 3.30%, and the Hang Seng dropped 1.51%. South Korea’s Kospi declined 1.11% while Australia’s ASX 200 slipped 1.07%. Meanwhile, gold surged to a record $3,133.57 per ounce as investors sought safety.
ASX Stocks
ASX 200 - 7,864.5 (-0.90%)
The Australian sharemarket shed $26.2 billion by lunchtime amid a wave of new US tariffs announced by President Donald Trump, triggering a sharp sell-off across global markets. The S&P/ASX 200 fell 1.1%, or 85.3 points, to 7849.2 near 2pm AEDT, with 10 of 11 sectors in the red. Technology and property led declines, each down over 2%, while consumer staples edged higher.
US futures turned sharply lower after Trump unveiled a 10% baseline tariff on all countries, alongside steeper duties: 34% on China, 20% on the EU, and 24% on Japan. Australia’s beef exports were specifically targeted, while Canada and Mexico were notably excluded, lifting their currencies.
The sell-off intensified global recession fears and strengthened expectations of an RBA rate cut next month. The Nikkei dropped 3%, and S&P 500 futures sank 2.5%.
Locally, Macquarie fell 2.4%, while BHP and Rio Tinto both dropped 2.2%. Ansell plunged 13.9% amid supply chain changes. Galan Lithium jumped 38.1% after rejecting a takeover bid, while Cettire sank 12% on tariff-related pricing concerns.

Leaders
RMS Ramelius Resources Ltd (+5.87%)
SPR Spartan Resources Ltd (+4.37%)
DNL Dyno Nobel Ltd (+4.29%)
DEG De Grey Mining Ltd (+3.37%)
JHX James Hardie Industries Plc (+3.33%)
Laggards
ANN Ansell Ltd (-14.19%)
LTR Liontown Resources Ltd (-10.71%)
NWL Netwealth Group Ltd (-9.37%)
MIN Mineral Resources Ltd (-9.15%)
CSC Capstone Copper Corp (-8.27%)
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