The Australian share market has lost $50billion as Donald Trump’s broad-based tariffs stir fears of an American recession and higher consumer costs.
The benchmark S&P/ASX200 plunged 1.99 per cent in the opening half-hour of trade on Thursday morning.
By noon Sydney time, the loss rate had moderated to 1.59 per cent, with the index trading at 7,808.20 points.
At the worst point in early trade, $50billion had been wiped off Australian shares.
The falls on the Australian share market reflected what happened on Wall Street with the flagship S&P 500 diving by two per cent, as the tech-focused the Nasdaq dropped three per cent.
The Australian Agricultural Company, Australia’s largest integrated beef producer, did even worse with its share price plummeting by 3.18 per cent to $1.37 in early trade.
Livestock agent Elders saw its share price plunge 3.1 per cent to $6.55.
Beef was Australia’s biggest export to the United States last year and Trump has slammed Australia’s biosecurity laws as an affront to American graziers.

The benchmark S&P/ASX200 plunged 1.99 per cent in the opening half-hour of trade on Thursday morning
‘Australia bans — and they’re wonderful people, and wonderful everything — but they ban American beef,’ he said.
‘Yet we imported $US3billion dollars of Australian beef from them just last year alone. They won’t take any of our beef.’
Moomoo market strategist Jessica Amir said Trump’s ‘Liberation Day’ tariffs had scared investors in a range of sectors.
‘It’s not only a bad scene for Australian equities, but also US investors, with stocks falling like a knife,’ she said.
‘Tariffs will hurt most global companies, Australian farmers, and investors alike.’
AMP chief economist Shane Oliver said fears of an American recession were spooking financial markets, considering the Trump Administration’s latest tariffs are now even more severe than the 1930 Smoot-Hawley tariffs during the Great Depression.
‘Our rough calculation is that the second of April announcement will take the US average tariff rate to above levels seen in the 1930s after the Smoot-Hawley tariffs which will in turn add to the risk of a US recession – via a further blow to confidence and supply chain disruptions – and a bigger hit to global growth,’ he said.
‘The risk of a US recession is probably now around 40 per cent.’

The Australian share market has lost $50billion as Donald Trump ‘s broad-based tariffs stir fears of an American recession
Australian Industry Group chief executive Innes Willox said an American-led trade war was likely to push up consumer prices, as protectionism drove up wholesale supply chain costs.
‘This will undoubtedly spark retaliation, imposing barriers on well-known trading relationships and driving up costs for businesses and consumers,’ he said.
Australia has been hit with a broad-based 10 per cent tariff, in line with New Zealand, the UK, United Arab Emirates, Saudi Arabia, Egypt.
South American beef producers Brazil, Argentina and Chile are also been hit with 10 per cent tariffs.
But China, Australia’s biggest trade partner, is being hit with 34 per cent tariffs.
A slowdown in China could affect demand for Australia’s biggest export iron ore, the commodity used to make steel.