Australian blue-chip stocks tumbled at the start of trading on Monday, with the ASX200 index falling over six percent as global markets reeled from escalating financial tensions triggered by new U.S. tariffs.
The benchmark ASX200, which tracks the country’s 200 largest listed companies, dropped more than six percent shortly after markets opened, marking its lowest point in nearly 15 months. The index has now shed over 10 percent since the beginning of the year.
The sharp decline follows the United States’ recent imposition of a 10 percent tariff on Australian goods, part of a broader trade measure announced by President Donald Trump last week. The move has sent ripples across international markets, sparking fears of deepening trade instability.
Prime Minister Anthony Albanese addressed the situation on Monday, warning of continued economic uncertainty. “You can’t change global events,” he said. “What you can do is prepare for them. And that’s exactly what this government is doing.”