A Treasury analysis showed on Monday the impact from U. S. tariffs and countermeasures from China — Australia's biggest trading partner — would take the level of real gross domestic product this year 0.1% lower compared with the current expectations.

Consumers and travellers will face higher prices after the Australian dollar fell to Covid-era lows, as markets reel from Donald Trump’s “liberation day” tariff plan.

The fallout of Donald Trump’s ‘Liberation Day’ tariff announcements continues to reverberate, with the local bourse in the largest one day sell off since the pandemic.

More than $85 billion has been wiped off the value of Australian shares in a dramatic market plunge, with share prices of corporate giants collapsing in response to the escalating trade war between the United States and China.