Pharmaceuticals, copper miners fall on ASX after latest Trump move
The benchmark ASX 200 index slumped 52.10 points or 0.61 per cent to close Wednesday's trading at 8,538.60.
The broader All Ordinaries also slipped 50.80 points 0.58 per cent and finished trading at 8,777.80.
The Australian dollar bounced from Tuesday's fall and is now buying 65.43 US cents.
On a day with low trading volumes, seven of the 11 sectors finished lower with the falls led by property, miners and consumer staples stocks.
Local investors reacted to President Trump ramping up his tariff policies, with copper likely to get a 50 per cent tariff and pharmaceuticals facing a 200 per cent tax on imported goods.
While pharmaceuticals will likely face large tariffs, Mr Trump said he could give foreign made products a year to a year and a half to set up manufacturing in the US.
Copper futures slumped 2.4 per cent and Australia's copper miners sold off, even though the US is not a major buyer from Australia of the commodity.
Australian investors on the local bourse responded by selling down the miners with Sandfire Resources which dropped 3.45 per cent to $11.18 and Capstone Copper, slumping 3.03 per cent to $9.28.
Evolution Mining, which is both a gold and copper player, sank 7.02 per cent to $7.29.
The more diversified miners fared better, with BHP falling 1.02 per cent to $37.85 and Rio Tinto giving up 0.55 per cent to $107.59.
Healthcare shares were mixed with CSL sliding 0.91 per cent to $243.71, while ResMed dropped 0.25 per cent to $39.24.
Pro Medicus and Cochlear were both higher up 0.15 and 0.52 per cent respectively.
The big four banks also had a mixed day.
Shares in CBA fell 0.21 per cent to $178.90 and ANZ shares slipped 0.50 per cent to $30.06.
On the other hand NAB shares eked out a small gain up 0.03 per cent to $39.30 and Westpac finished in the green up 0.69 per cent to $33.70.
AMP chief economist and head of investment strategy Shane Oliver said the markets reacted to mixed messages on tariffs.
'While the further pause to 1st August is welcome, it looks like we are on the way back up again with the tariff rates likely to be around 20 per cent,' he said.
'Where it ultimately settles is hard to know.
'On the one hand, Trump is being emboldened by the resilience of US growth, still low inflation and record highs for shares, so it's not a bad time for him to throw another tariff tantrum.'
In company news shares in Telix Pharmaceuticals were among the major winners after the company announced its Gozellix imaging agent for prostate cancer has been added to a US patient reimbursement scheme.
Telix shares jumped 5.62 per cent to $25.39 following the announcement.
Shares in Lifestyle Communities were hammered plunging 37.22 per cent to $4.42 after a VCAT ruling found its deferment management and exit fees were invalid under state tenancy laws.
Bega Cheese shares also fell 1.51 per cent to $5.21 after announcing its peanut processing plants in Kingaroy and Tolga will be closed.
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