ASX Tumbles into the Red as China Tariff Takes Effect

The Australian Financial Review02-04

The United States’ implementation of a 10 per cent tariff on all Chinese imports sent the ASX crashing in to the red in the final minutes of trade.The index closed 0.1 per cent, or 5.4 points lower at...

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syzuhair
02-04
syzuhair
What why nooooo

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The index had approached a 1 per cent gain before a sell-off in oil producers and the China tariffs coming in to effect saw the index pare gains.US President Donald Trump’s 10 per cent tariff on all imports from China came in to effect at the market close, sparking a last-minute sell-off as traders digested the impact on demand for Australian raw materials and the wider economy. The Australian dollar tumbled below US62¢ on the news. Meanwhile, Mexico and Canada both negotiated the postponement of US President Donald Trump’s proposed 25 per cent tariff on imports from both nations.The ASX’s sell-off hit the four big banks, with all closing in the red. Commonwealth Bank reversed earlier gains, slipping 0.3 per cent to $157.70. The sell-off was broad, with industry heavyweight Goodman Group tumbling 1.2 per cent to $US35.46 and retail giant Wesfarmers falling 1 per cent to $74.45.A sell-off in energy stocks also hit the ASX after tariffs on Canada and Mexico – two major sources of crude oil for the US – were delayed, hitting oil prices. Brent crude tumbled on Tuesday to trade at $US75.31 a barrel, reversing a rally on Monday that saw prices top $US77. Woodside fell 0.9 per cent to $24.35 and petroleum producer Ampol fell 1.8 per cent to $28.65.The sell-off spared miners, however, as traders awaited clarity on tariffs when the US president hosts talks with China later this week.AMP chief economist Shane Oliver said the effect of a trade war on Australian goods would be minor, although an adverse impact would be felt for raw materials. “[Australia] is vulnerable to an indirect impact, which could result from a fall in global trade and less demand for our raw materials from China,” he said, adding that “much will depend on how hard Trump goes.”Elsewhere on the index, technology stocks rallied throughout the day, buoyed by positive earnings reporting from US AI bellwether Palantir that sent shares surging more than 23 per cent in after hours trading.WiseTech jumped 3.6 per cent, closing at $124.50, TechnologyOne rose 1.9 per cent to $31.27 and NextDC 1.4 per cent to $14.74. Bitcoin topped a 7 per cent rise on Tuesday, trading above $US101,000, after investors flocked back to risk assets, before paring some gains.Stocks in focusPro Medicus posted the index’s biggest gain. The shares jumped 5.2 per cent to$283.92 after the company signed a $53 million contract with US healthcare network BayCare to roll out its Visage diagnostic imaging platform.In corporate news, Seek’s proposed acquisition of Xref for $42.1 million has fallen through after the bid failed to receive sufficient support from the takeover target’s shareholders. Seek’s shares were flat at $23.07 while Xref tumbled 22.6 per cent to 12¢.Predictive Discovery shares rallied 13.2 per cent, closing at 30¢, on news the gold explorer would offload a 10 per cent stake to two mining investors to raise $69.2 million.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":399867059392696,"gmtCreate":1738648727464,"gmtModify":1738648731259,"author":{"id":"4194640214801162","authorId":"4194640214801162","name":"syzuhair","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"4194640214801162","idStr":"4194640214801162"},"htmlText":"What why nooooo","listText":"What why nooooo","text":"What why nooooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/399867059392696","repostId":1171102879,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1171102879","isCrawlerRequest":true}