April 3 (Reuters) - Australian shares plunged 2% in a sea of red on Thursday as investors recoiled after U.S. President Donald Trump announced sweeping tariffs on all imports, in a move that ratchets up a global trade war.
The S&P/ASX 200 index .AXJO fell as much as 2.1% to 7,768 points by 0002 GMT. The benchmark recorded its biggest intraday loss since December 19, 2024.
Trump said on Wednesday he would impose a 10% baseline tariff on all imports and higher reciprocal duties on dozens of other countries.
"Stocks are diving following Trump unveiling tariffs that will hurt most global companies, Australian farmers, and investors alike", said Jessica Amir, a market analyst at trading platform Moomoo.
Heavyweight bank stocks .AXFJ dropped 2.3%, with Commonwealth Bank of Australia CBA.AX and National Australia Bank NAB.AX falling 1.6% and 2.5%, respectively.
Australia's no. 4 lender ANZ Group ANZ.AX fell 3.2% after the bank regulator lashed it for what it called a failure to address wide-ranging problems.
Miners .AXMM fell 1.7% as the tariff anxiety also hit commodities, including copper and aluminium, according to Amir.
Global miners BHP BHP.AX and Rio Tinto RIO.AX shed 2.3% and 2.4%, respectively.
Energy stocks .AXEJ lost as much as 3.2% to hit their lowest level since December 2021 as oil prices fell in post-settlement trade. O/R
The healthcare sector .AXHJ, which is particularly exposed to tariffs on U.S. exports, lost as much as 2.2%.
Fisher & Paykel Healthcare FPH.AX fell up to 3.1% after flagging a hit to earnings because of the tariffs, while hearing implant maker Cochlear COH.AX was down 4.3%, even as it said it was awaiting more information on the levies.
Beef exporters Elders ELD.AX and Australian Agricultural Company AAC.AX shed as much as 2.7% and 3.9% respectively, as Trump indicated a ban on Australian beef — the country's largest export to the U.S.
Information technology firms .AXIJ slipped 2.7%, tracking U.S. futures, while gold stocks .AXGD were up 0.9% as safe-haven demand pushed bullion prices higher. MKTS/GLOB
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 1.3% to 12,161.45 points.
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