Aussie shares dip as Trump shifts tariff deadline again
Near midday on Monday, the benchmark S&P/ASX200 index was down 15.4 points, or 0.18 per cent, to 8,588.5, while the broader All Ordinaries was down 14.3 points, or 0.16 per cent, to 8,827.6.
Overseas, US stock market futures had fallen after President Trump confirmed that America's tariffs won't come into effect into August 1, rather than this week, potentially dragging out the drama even further.
"Tariffs go into effect August 1. But the president is setting the rates, and the deals, right now," Commerce Secretary Howard Lutnick told reporters as the president nodded in approval.
Markets had previously been operating under the assumption that the tariffs would go into effect on Wednesday, with the expiration of 90-day pause the Trump administration announced back on April 9.
US Treasury Secretary Scott Bessent denied in a television interview that the August 1 date represented a new deadline, but it potentially does give America's trading partners more time to negotiate - as well as drawing out the drama further.
Closer to home, the Reserve Bank is widely expected to trim interest rates on Tuesday, with futures markets on Friday giving implied odds of 97 per cent of a cut.
Four of the ASX's 11 sectors were higher at midday and six were lower, with telecommunications flat.
Utilities was the biggest mover, rising 2.7 per cent as Origin Energy advanced 5.5 per cent to a three-week high of $11.41.
In the mining sector, Northern Star had dropped 6.3 per cent to a more than three-month low of $17.23 after Australia's biggest listed goldminer told investors to expect higher costs and lower production in 2025/26.
Northern Star said the higher costs reflected industry-wide inflationary pressure as well as infrastructure and development costs and royalties.
Elsewhere in the sector, Fortescue was up 0.4 per cent, Rio Tinto had added 0.2 per cent and BHP had edged 0.1 per cent higher.
In the heavyweight banking sector, all of the big four banks were down. CBA had dipped 0.2 per cent, ANZ had lost 1.2 per cent, Westpac had retreated 1.0 per cent and NAB had slipped 0.6 per cent.
Elsewhere, Cobram Estate Olives was up 11.6 per cent to an all-time high of $2.40 after the olive-grower reported a successful 2025 harvest.
AML3D was up 6.3 per cent after the US Navy confirmed its interest in purchasing more parts from the industrial 3D metal printing technology company.
The Australian dollar had dropped to a week and a half low against its US counterpart, trading for 65.24 US cents, from 65.72 US cents at close of business on Friday.
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Sky News AU
35 minutes ago
- Sky News AU
Donald Trump's threat to increase tariffs to "anti-American" countries is a problem for Australia
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News.com.au
2 hours ago
- News.com.au
ASX falls as investors await key Trump, RBA decisions
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West Australian
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BMG unlocks Wiluna Mining processing option for Wiluna gold
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