Trump's tariff plans trigger market turmoil and impact Australia

Donald Trump's recent social media posts have caused significant shifts in global markets, particularly affecting Australia. The Australian dollar fell to a seven-month low, and the ASX200 lost nearly half a percent after Trump announced plans for tariffs on Canada, Mexico, and China. Trump plans to impose a 25 percent tariff on Canada and Mexico and a 10 percent tariff on China, citing issues related to fentanyl and illegal immigration. This move disregards previous trade agreements and could impact key industries, including oil and automotive sectors. Economists warn that these tariffs could disrupt global trade and increase prices, particularly for Australia, which relies heavily on exports. Analysts suggest that Trump's approach marks a shift in U.S. trade policy, with potential long-term implications for the global economy.