FX.co ★ ASX Falls More Than 6%

The S&P/ASX 200 Index plummeted by over 6% on Monday, reaching its lowest point since December 2023. This marked the third consecutive session of losses, influenced by a significant slump in Wall Street markets. Despite this market downturn, the White House continues to advocate for stringent tariffs on key trading partners, heightening fears of a potential global recession. Although shipments to the United States represent a minor portion of Australian exports, Prime Minister Anthony Albanese has decided against implementing retaliatory measures against the US. Nonetheless, apprehensions remain as major Australian trade partners, including China, Japan, and South Korea, are confronted with substantial US tariffs, posing a risk to the broader economic landscape.