ASX 200 zig-zags after US President Donald Trump reveals 25 to 40 per cent tariffs on 14 different countries from August 1
The index plummeted before slowly climbing and sits up about 0.1 per cent after the first hour of trading.
Mineral Resources shed 3.1 per cent after revealing its beleaguered boss Chris Ellison was considering leaving, while Champion Iron has fallen 2.6 per cent and manufacturing company Ansell has sank 2.8 per cent.
Top performing stocks on Tuesday include Vault Minerals (up 7.8 per cent), Westgold Resources (up 4.7 per cent) and Bellevue Gold (up 4.5 per cent).
It comes as Trump threatened 25 per cent tariffs on Japan and South Korea alongside a litany of other countries from August 1 and vowed to hike the levies if the impacted nations retaliate.
'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25 per cent that we charge,' Trump said on Truth Social.
The tariffs will not add to existing tariffs, meaning Japanese exports targeted by Trump's sweeping 25 per cent levies on steel or automotive parts will only face this tariff rather than jumping to 50 per cent.
Trump also plans to impose tariffs of 40 per cent on Laos and Myanmar, 36 per cent on Cambodia and Thailand, 35 per cent of Serbia and Bangladesh, 30 per cent on South Africa, Bosnia and Herzegovina and 25 per cent on Malaysia, Tunisia and Kazakhstan.
Wall Street sank on Monday with the Dow Jones and Nasdaq both falling 0.9 per cent and the S&P 500 dropping 0.8 per cent.
London's FSTE 250 Index finished down 0.1 per cent, Germany's DAX Index rose 1.2 per cent and the STOXX Europe 600 jumped 0.4 per cent.
New Zealand's NZX 50 Index has sank 0.5 per cent while Japan's Nikkei 225 is up 0.2 per cent.
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