<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australian shares took a $35 billion pounding in early trading today, following major falls across world markets triggered by US President Donald Trump's sweeping tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The S&amp;P/ASX 200 Index fell 1.4 per cent, or by 108.6 points, to 7751.1 points in the morning session.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Most industry sectors, bar consumer essentials, recorded major falls. Stocks in energy companies were hit especially hard, collapsing nearly 6 per cent amid concerns over an increase in oil supplies.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/finance/donald-trump-tariffs-economic-impact-australia-explained/a4f2524c-612b-455a-99b3-7162e35f1485" target="_blank"><strong><span>Australia has been hit by Trump's new tariffs. How will they impact the economy?</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump's sweeping new tariffs on American imports have shocked governments and investors around the world, swiftly spurring both threats of retaliation and calls for negotiation as industries scrambled and global stocks tumbled.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australian exports to the US are now subject to a 10 per cent tariff, substantially lower than other nations and trade blocs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Only about 4 per cent of exported Australian goods go to the US, leaving the vast majority unimpacted.</span></div></div><div class="styles__Wrapper-sc-2o34ro-0 cmwkBV"><div class="styles__Column-sc-2o34ro-3 jJDKrX"><a href="/content/2025/04/03/09/20/the-full-list-of-trumps-reciprocal-tariffs"><img alt="US President Donald Trump today announced sweeping reciprocal tariffs for dozens of nations in a &amp;quot;Liberation Day&amp;quot; speech at the White House." sizes="(min-width: 1024px) 636px, (min-width: 768px) 396px, 100vw" src="https://imageresizer.static9.net.au/fJmcm8MqaRXpidBWPXCQ-OF3i9E=/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2Ff4adaefd-6caf-46d7-899f-f151e3f9bb68" srcset="https://imageresizer.static9.net.au/fJmcm8MqaRXpidBWPXCQ-OF3i9E=/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2Ff4adaefd-6caf-46d7-899f-f151e3f9bb68 396w, https://imageresizer.static9.net.au/x8yQRuzP2g-htvXY9q9j40uqzR8=/636x358/https%3A%2F%2Fprod.static9.net.au%2Ffs%2Ff4adaefd-6caf-46d7-899f-f151e3f9bb68 636w"/></a></div><div class="styles__Column-sc-2o34ro-3 jJDKrX"><div class="styles__Headline-sc-2o34ro-4 hpbOlz">The full list of Trump's 'reciprocal' tariffs</div><div class="styles__Button-sc-2o34ro-1 eBjlmW"><a class="styles__ButtonLink-sc-2o34ro-2 hqpklJ" href="/content/2025/04/03/09/20/the-full-list-of-trumps-reciprocal-tariffs">View Gallery</a></div></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/trump-tariff-news-australian-shares-lose-35-billion-dollars/d1ee71b6-9096-40aa-bc1e-e131e6321072" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump imposed a 34 per cent levy on goods from China on top of an earlier 20 per cent tariff, as well as a 20 per cent tariff on the European Union, 24 per cent on Japan and 25 per cent on South Korea.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>China is Australia's largest trading partner, and a reduction in demand there would hurt our exporters.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-tariffs-this-is-how-they-were-calculated/ad0f5c69-8f35-4b68-a5ac-dce926e9a76d" target="_blank"><strong><span>This is the dubious way Trump calculated his 'reciprocal' tariffs</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The round of tariffs jolted financial markets, with the US Standard &amp; Poors 500 off 3.7 per cent in afternoon trading.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The STOXX Europe 600 index fell 2.7 per cent and a 2.8 per cent drop in Tokyo's benchmark led losses in Asia. Oil prices sank more than $US2 a barrel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It now looks like a full-blown global trade war will be unleashed as China the EU. South Korea, Mexico and India pledged retaliatory measures on US goods.</span></div></div><div class="vote" data-has-voted="false" data-question-id="f94a5990-39da-47ec-8b8b-a4dfd2a3853c"><h2>Will you boycott American products over Donald Trump's tariffs?</h2><div class="vote__answer" data-id="0"><div class="vote__option" style="background-color:#008000"><input type="button" value="Yes"/></div></div><div class="vote__answer" data-id="1"><div class="vote__option" style="background-color:#008000"><input type="button" value="No"/></div></div><div class="vote__result"><div class="vote__result__text" style="color:#008000">Yes</div><div class="vote__result__bar-container"><span class="vote__result__bar" style="background-color:#008000;width:83%"></span><span class="vote__result__bar-text"></span></div><span class="vote__result__count">1091</span></div><div class="vote__result"><div class="vote__result__text" style="color:#008000">No</div><div class="vote__result__bar-container"><span class="vote__result__bar" style="background-color:#008000;width:17%"></span><span class="vote__result__bar-text"></span></div><span class="vote__result__count">226</span></div><div class="vote__recaptcha" id="vote-recaptcha-f94a5990-39da-47ec-8b8b-a4dfd2a3853c"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Analysts fished for superlatives to a step that disrupts the global trading order and overturns decades of efforts to lower tariffs through trade talks and free trade agreements.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The magnitude of the rollout — both in scale and speed — wasn't just aggressive; it was a full-throttle macro disruption," Stephen Innes of SPI Asset Management said in a commentary.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Deutsche Bank's Jim Reid called it "radical policy reordering" and said the US now had an average tariff of 25 per cent-30 per cent, the "worst end of expectations" and the highest since the early 20th century.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>- With AP</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong></strong><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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