Australian Shares Dip as Tariff Concerns Drag

The S&P/ASX 200 fell 0.5% to around 8,547 on Wednesday, retreating after a flat session, as sentiment soured on fresh trade actions from US President Donald Trump. He ruled out further extensions to tariffs set for August 1 and announced sweeping new penalties, including a 50% tariff on copper imports, potential 200% duties on pharmaceuticals, and a 10% levy on goods from BRICS nations. In Australia, RBA Deputy Governor Hauser said on Wednesday that the central bank is closely watching US tariff developments, citing high global uncertainty. He noted that while the tariff impact on Australia is still unfolding, business and household sentiment has held up better than in the US and Europe. The RBA surprised markets on Tuesday by holding rates at 3.85%, preferring to wait for clearer signs that inflation is easing. On the corporate side, gold stocks hit a three-month low amid weaker bullion prices. Miners were mixed, while healthcare firms were under early pressure, led by CSL (-0.3%).