Australian stocks fall as US tariff move sours risk appetite

Australian shares fell on Monday, dragged down by tech, real estate and energy stocks, as investors weighed the impact of US President Donald Trump’s 15% temporary tariff on the rest of the world.

The S&P/ASX 200 index fell 0.4% to 9,045.7 by 0049 GMT.

The benchmark rose 1.8% last week.

Trade concerns resurfaced over the weekend after the US Supreme Court struck down Trump’s emergency tariffs, leading him to announce a new 10% rate on the rest of the world, only to then lift it to 15%.

“While investors may attempt to digest and move beyond the announcement efficiently, the broader implications remain complex,” said Chris Weston, head of research at Pepperstone.

In Sydney, shares of biotechnology giant CSL and winemaker Treasury Wine Estates slipped around 2.7% and 3.7%, respectively.

CSL and Treasury Wine Estates earn between 40% and 50% of their revenues from the US, according to their 2025 annual reports.

Tech stocks dropped over 2.5%, with Xero and WiseTech Global shedding more than 2% each.

Energy stocks slid 1.7%, tracking weaker oil prices as Trump’s fresh tariffs raised uncertainty for world economic growth and fuel consumption. Sector giant Woodside Energy was down 1% ahead of its annual results on Tuesday.

Ampol, the country’s top fuel retailer, declined nearly 3% despite reporting a better-than-expected annual profit.

Real estate stocks dipped 1.5%, while the banking sub-index inched 0.3% lower.

Meanwhile, the mining index rose about 1%, helped by a 1.4% climb in top miner BHP. Gold miners advanced 2% in their steepest intraday gain in a week on the back of bullion strength.

Evolution Mining and Northern Star Resources rose about 1.2% each.

New Zealand’s benchmark S&P/NZX 50 index gained 0.9% to 13,424.21.