All sectors of the Australian bourse were trading in the red at midday on Monday, with the Materials sector showing the biggest decline, slumping 2%.
The Australian bourse fell to a four-month low at opening after US President Donald Trump imposed 25% tariffs on imports from Mexico and Canada, and 10% duties on goods from China. Canada and Mexico ordered retaliatory tariffs in response, The Sydney Morning Herald reported.
Westgold Resources (ASX:WGX) reduced its fiscal 2025 gold production guidance as the ramp-ups of the Beta Hunt and Bluebird-South Junction mines in Western Australia were slower than planned due to engineering issues. Its shares fell more than 12% in recent trade.
The S&P/ASX 200 Index fell 1.7% or 152.5 points to 8,379.8.
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