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Australia’s S&P/ASX 200 index is on the brink of correction territory, tumbling 9.8% from its all-time high on February 14, driven by escalating trade tensions following U.S. President Donald Trump’s new tariffs.
As of 03:20 GMT, the benchmark index dipped 0.2% to 7,772.5 points, extending its downward trend. On Wednesday, it briefly entered correction territory, plunging 1.6% to its lowest level since September 2024 before rebounding slightly. March losses have now hit nearly 5%, following a 4.2% drop in February, marking four consecutive weeks of declines.
The downturn follows Trump’s decision to impose 25% tariffs on steel and aluminum imports, effective Wednesday. Australia, which had hoped for an exemption, was left disappointed. Prime Minister Anthony Albanese condemned the move as "entirely unjustified" and a blow to the long-standing alliance between the two nations.
The tariffs are stoking fears of rising costs for Australian exporters and broader economic disruptions. Investors are increasingly wary, with market sentiment deteriorating amid global trade uncertainties.
With mounting losses and no immediate relief in sight, all eyes remain on how policymakers and market forces will navigate this escalating economic challenge.
