Aussie shares drop again as Trump talks more tariffs

The Australian share market has resumed its downtrend, falling for sixth day in seven after President Donald Trump declared confirmed sweeping US tariffs against Canada and Mexico.

The benchmark S&P/ASX200 index on Tuesday fell 56.3 points, or 0.68 per cent, to 8,251.9, while the broader All Ordinaries dropped 62.1 points, or 0.73 per cent, to 8,498.0.

The losses came after Mr Trump told reporters that his 25 per cent tariffs on Mexico and Canada would go into effect next week, once a month-long delay on their implementation expires.

"We're on time with the tariffs, and it seems like that's moving along very rapidly," he said at a White House press conference with French President Emmanuel Macron.

He stressed more broadly that US "reciprocal" tariffs were on schedule to begin as soon as April.

Seven of the ASX's 11 sectors finished lower, with energy, consumer staples, health care and utilities higher.

The consumer discretionary sector was the worst performer, falling 2.7 per cent as Domino's Pizza Enterprises plunged 10.5 per cent to a more than one-month low of $28.89 after the fast food giant posted its first loss in 20 years.

The loss was a result of $115.6 million in restructuring costs, including closing 205 struggling stores mostly in Japan.

Kmart owner Wesfarmers dropped 3.9 per cent and Adairs retreated 11.6 per cent to $2.37 after the furniture retailer reported its first-half profit was up 9.7 per cent to $19.4 million.

In the material sector, John Lyng Group had plummeted 29.1 per cent to a nearly five-year low of $2.695 after the building clean-up company said its net profit for the first half had dropped by one-third, to $20.8 million.

It had been a challenging operating environment, Johns Lyng said, with benign weather conditions across Australia resulting in a reduced volume of insurance claims.

Others dropping on earnings results included petrol retailer Viva Energy (down 26.9 per cent), wound care company Polynovo (down 17.8 per cent) and Cyclopharm (down 20 per cent).

On the flip side, those gaining after issuing earnings reports included Zip Co (up 13.9 per cent), Helia Group (up 17.2 per cent) and Woodside (up 2.8 per cent).

In the heavyweight mining sector, BHP dropped 1.2 per cent to $40.31, Fortescue retreated 2.8 per cent to $17.97 and Rio Tinto dipped 0.6 per cent to $119.06.

All of the big four banks finished lower, with ANZ dropping 0.7 per cent to $29.34, NAB retreating 1.4 per cent to $35.39, Westpac subtracting 0.1 per cent to $31.25 and CBA falling 1.3 per cent to $154.27.

In currency, the Australian dollar was buying 63.55 US cents, from 63.77 US cents at 5pm AEDT on Monday.

ON THE ASX:

* The benchmark S&P/ASX200 index on Tuesday dropped 56.3 points, or 0.68 per cent, to 8,251.9

* The broader All Ordinaries fell 62.1 points, or 0.73 per cent, to 8,498.0

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 63.55 US cents, from 63.77 US cents at 5pm AEDT on Monday

* 95.16 Japanese yen, from 95.27 yen

* 60.65 euro cents, from 60.66 euro cents

* 50.29 British pence, from 50.33 pence

* 110.76 NZ cents, from 110.78 NZ cents