The Australian sharemarket staged a rapid reversal on Tuesday after Donald Trump mulled imposing tariffs as soon as February on major trade partners.
The S&P/ASX 200 Index was trading 0.4 per cent higher at 12.09pm. The gauge had jumped as much as 1 per cent in the morning session.
The Australian dollar promptly sold off after Trump’s announcement, having rallied overnight. It was down 0.7 per cent to US62.31¢.
Donald Trump says he is considering imposing 25 per cent tariffs on Mexico and Canada as soon as February 1, but did not give a date on possible tariffs for China.
“We are thinking in terms of 25 per cent tariffs on Mexico and Canada,” Reuters cited Trump as saying. “I think we will do it on February 1.”
