ASX Preview: Australian Shares to Open Lower as Trade War Begins

MT Newswires Live06:34

Australian shares are expected to open in the red Monday as markets prepare for the impact of the global tariff war.

The US officially imposed tariffs of 25% on goods from Canada and Mexico, and 10% on those from China. US President Donald Trump signed the executive orders on Feb. 1 amid what The White House calls an "emergency situation" due to the "extraordinary threat posed by illegal aliens and drugs." Canadian oil was given a 10% tariff.

In retaliation, Canada announced its own 25% tariffs on US imports. Mexico also ordered its retaliatory levies, while China said it would bring the case to the World Trade Organization.

Wall Street fell on Friday in anticipation of the tariffs, with the Dow Jones Industrial Average down 0.8%, the S&P 500 shedding 0.5%, and the Nasdaq Composite dropping 0.3%.

In corporate news, Brisbane Broncos (ASX:BBL) has given Star Entertainment Group (ASX:SGR) a reprieve in relation to the latter's sponsorship payment, the Australian Financial Review reported on Jan. 31, citing unnamed sources.

Arafura Rare Earths (ASX:ARU) along with the Mereenie joint venture (Mereenie JV) partners said the condition precedent date for its existing conditional gas supply agreement has been extended to Mar. 31, from Feb. 4, per a Jan. 31 filing with the Australian bourse.

Australia's benchmark index was down 0.5%, or 38.60 points, to close at 8,532.30 on Jan. 31.

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