Over $160 billion has been erased from the Australian stock market as investors are gripped by fears of a full-blown trade war. The S&P/ASX 200 benchmark plummeted by more than 6% within minutes of opening on Monday, dropping to levels not seen since late 2023. The significant decline in stock prices has decreased the value of almost all investment and superannuation portfolios with shares, adding to the market downturn that was triggered last week following Donald Trump’s announcement of a “liberation day” tariff plan. With few safe havens on the ASX, banking, mining, and energy stocks all experienced substantial declines. The Australian dollar also plummeted on Monday morning, falling below 60 US cents. Analysts view Australia’s economy as closely linked to China due to their significant trading relationship. Further updates are expected.

Source: https://www.theguardian.com/australia-news/2025/apr/07/asx-200-sp-share-market-australian-dollar-sheds-opening-us-tariffs-trade-war-fears