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Australia: Shares fall as Trump's Latin America tariffs create trade anxiety
[SYDNEY] Australian shares posted their biggest daily fall in two months on Tuesday after US President Donald Trump's surprise move to restore tariffs on imports from Brazil and Argentina.
The S&P/ASX 200 index fell 2.2 per cent to 6,712.3 at the close of trade, as Mr Trump's move reignited worries about global trade and the future of Sino-US trade talks in particular. The benchmark had ended 0.2 per cent firmer on Monday.
Mr Trump, in a tweet on Monday, said he would restore tariffs on US steel and aluminum imports from the two Latin American countries, attacking them of presiding over a massive devaluation of their currencies, which he said was hurting US farmers.
New Zealand's benchmark S&P/NZX 50 index also slipped 0.7 per cent to finish the session at 11,228.00.
Dairy company A2 Milk Co fell 3.3 per cent while Synlait Milk ended about 2 per cent lower.