The local share market has fallen after Donald Trump fired another salvo in his budding trade war, declaring he would announce new tariffs early this week.
The benchmark S&P/ASX200 index on Monday dropped 28.6 points, or 0.34 per cent, to 8,482.8, while the broader All Ordinaries fell 32.7 points, or 0.37 per cent, to 8,747.6.
The ASX200 began the day down by as many as 66 points, or 0.78 per cent, after President Trump told reporters on Air Force One that he would announce on Monday that the US was imposing 25 per cent tariffs on all steel and aluminium imports into the country.
Then, Mr Trump said, on Tuesday or Wednesday he'll announce "reciprocal tariffs" that'll apply to all countries, matching the tariff rates levied by each of them.
Capital.com analyst Kyle Rodda said that it was a truism during Mr Trump's first term that market participants would lighten up on risk going into the weekend, because one never knew what the US president might say between the Friday of one week and the Monday of the next.
For a second week in a row, this had proven true during Mr Trump's second term, Mr Rodda noted.
Eight of the ASX's 11 sectors finished lower, with consumer staples, health care and utilities up modestly.
Tech was the biggest mover, falling 1.4 per cent as Wisetech Global retreated 4.4 per cent to $124.20 after the logistic platform's board said it was considering two new complaints against its founding chief executive, Richard White, currently in a full-time consultancy role.
In the heavyweight mining sector, BlueScope Steel rose 1.8 per cent as traders bet that its extensive US operations would let the steelmaker escape the tariffs.
Elsewhere in the sector, Fortescue dropped 1.5 per cent to $19.42, BHP dipped 1.0 per cent to $40.09 and Rio Tinto slipped 1.2 per cent to $119.32.
Goldminers were higher as the safe haven asset changed hands at $US2,878 an ounce, just $US8 below its all-time high set late last week, amid the trade tensions.
Evolution gained 0.3 per cent, Northern Star climbed 0.5 per cent and Newmont added 0.7 per cent.
Elsewhere, Star Entertainment Group soared 13.6 per cent to a 10-day high of 12.5 cents after the beleaguered casino operator said it had received offers from its joint venture partners to buy out Star's half-stake in their new Brisbane hotel-casino.
Mayne Pharma Group rocketed 24.4 per cent to an eight-month high of $5.82 after the drugmaker said it expects to report first-half operating earnings of up to $32 million - quadruple those of a year ago.
Ansell climbed 8.1 per cent to a three-year high of $37.77 after the glovemaker reported it made $127.4 million in earnings before interest and tax in the first half, up 20.2 per cent from a year ago on a constant-currency basis.
JB Hi-Fi fell 4.6 per cent to a three-week low of $97.78 after the consumer electronics and homewares retailer reported that sales growth had moderated a bit in January after climbing 9.8 per cent in the six months to December 31.
Two of the big four banks finished lower, with NAB 0.4 per cent to $40.54 and ANZ dipping 0.3 per cent to $30.91, while Westpac was basically flat at $34.03.
CBA meanwhile crept 0.1 per cent higher to a fresh all-time closing high of $162.83 ahead of its earnings report on Wednesday.
The Australian dollar was buying 62.73 US cents, from 62.80 US cents around 5pm Friday.
ON THE ASX:
* The benchmark S&P/ASX200 index on Friday dropped 28.6 points, or 0.34 per cent, to 8,482.8
* The broader All Ordinaries fell 32.7 points, or 0.37 per cent, at 8,747.6
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 62.74 US cents, from 62.80 US cents at 5pm AEDT on Friday
* 95.32 Japanese yen, from 95.28 yen
* 60.82 euro cents, from 60.53 euro cents
* 50.59 British pence, from 50.56 pence
* 110.86 NZ cents, from 110.68 NZ cents
